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?
     

    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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