Hello,
I have started taking renters in my basement this year.
I receive an 'offset' child support amount from my ex husband. We share costs including daycare and sports based upon our incomes.
Next spring when my ex husband and I exchange financial information I understand that we look at each other's 'line 150' in order to determine our income for the purpose of child support offset calculation and for the purpose of determining what our 'proportionate' share of extraordinary expenses for the upcoming year will be.
My line 150 will include my work income and it will also include income from renters in my basement.
I asked my lawyer about this and she said yes I can most definitely deduct my expenses for renting in my home from line 150 but I cannot locate anything to back up her advice to me. I was hoping to see it in black and white in the event my ex husband challenges this.
It seems to me then when I file my taxes that all my deductions go elsewhere and are not reflected on line 150. In other words my expenses will reduce my income on my income taxes but they will show up on another line on my taxes. (I think)
Does this mean I'm screwed here and I have to claim all of it as income - or is there a clear rule out there re: calculating child support that says it can be 'line 150 less expenses'?
My ex husband has already told me that he is able to deduct his union dues from his final income and when I researched that I found it to be true and we minus the union dues when we calculate child support.
Can anyone point me in the right direction here?
I have started taking renters in my basement this year.
I receive an 'offset' child support amount from my ex husband. We share costs including daycare and sports based upon our incomes.
Next spring when my ex husband and I exchange financial information I understand that we look at each other's 'line 150' in order to determine our income for the purpose of child support offset calculation and for the purpose of determining what our 'proportionate' share of extraordinary expenses for the upcoming year will be.
My line 150 will include my work income and it will also include income from renters in my basement.
I asked my lawyer about this and she said yes I can most definitely deduct my expenses for renting in my home from line 150 but I cannot locate anything to back up her advice to me. I was hoping to see it in black and white in the event my ex husband challenges this.
It seems to me then when I file my taxes that all my deductions go elsewhere and are not reflected on line 150. In other words my expenses will reduce my income on my income taxes but they will show up on another line on my taxes. (I think)
Does this mean I'm screwed here and I have to claim all of it as income - or is there a clear rule out there re: calculating child support that says it can be 'line 150 less expenses'?
My ex husband has already told me that he is able to deduct his union dues from his final income and when I researched that I found it to be true and we minus the union dues when we calculate child support.
Can anyone point me in the right direction here?
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