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Video instructions and help with filling out and completing Irs tax lien joint tenancy

Today we're here to talk about how to file taxes in a community property state there are a number of states that our community property states Arizona California there's a whole slew of them but if you happen to live in one of these states and you want to file separately then it comes into play if you're married filing jointly it really doesn't have a lot of impact so this is mostly for people who want to file married filing separately be aware that one of the issues that you have to contend with is that on your property you'll have to split all of your property 5050 with your spouse and all of the income and deductions allocated to the property will be split 50/50 when I say property I'm referring to community property if there are there are properties that are owned by you exclusively or by your spouse exclusively then they will be treated just on that individuals return you won't won't have to divide those on both returns separate property would be property that you had owned before your marriage sometimes if you acquire property in a non community property state it may be considered separate property same thing with income if you earn income in a non-profit non community property state or before you were married that may be considered separate income and won't be part of the community property split also if you were given either in if you had an inheritance or were given property or income that was given to you that even during the marriage that may be considered separate funds and not part of the community property equation and lastly if you purchase property separately during your marriage with separate funds then that that too may be separate property and not part of the community property equation now there are a whole slew of rules and regulations that surround the issues of community property and you will need to really take a good look at those rules and regulations and possibly get a tax professional involved before you file your taxes because it can become a little complicated.