Tax Deduction Buyout

shasha1995

Member
spanish mexican
Is anybody familiar with what is a Tax Deduction Buyout?

I am translating some information on divorces and there is a line that says "Do you wish to include the Tax Deduction Buyout provision in your divorce documents?" There is no other context, is just this line buy itself but I do not know what it means therefore I don't really have an idea how to translate it into spanish. I would appreciate any help.
 
  • shasha1995

    Member
    spanish mexican
    I don't believe so, I found another line further down, it says "If you and your wife want to maximize your tax benefits and are willing to exchange tax information, you may include a Tax Deduction Buyout provision" I guess that gives a better idea of what it is referring to, however I still don't know how to translate it, any ideas?
     

    k-in-sc

    Senior Member
    U.S. English
    In that case it sounds like it's referring to the tax treatment of the mortgage on the couple's house. I'm not sure, though. Sorry ...
     

    cubaMania

    Senior Member
    Puede que sea esto:
    Without an order specifying otherwise, the parent with whom the child lives (if a sole custody arrangement) gets to claim the child as a dependent for income tax purposes. However, this is generally modified. Again, it should be modified in a way that best fits your circumstances and most would say in a way that results in the least amount of tax being paid by both parents together to the government. Some different options are
    ...
    ...
    • You may also include a “buy-out” clause, which allows one parent to pay to the other parent what the other parent would get if that other parent were to take the deduction.
    http://www.utahlegalservices.org/public/legal_problem-en-us/family-law/parentage-a-k-a-custody/who-gets-to-claim-the-child-for-income-tax-purposes
     
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