What is a marital deduction?

A marital deduction is a form of tax relief that is offered in West Virginia and other states. It allows spouses to deduct certain expenses from their taxable income. For example, if one spouse pays for the mortgage on the family home and the other pays for utilities, the spouse who paid for the mortgage can deduct their portion of the mortgage payments from their taxable income. This deduction is available to married couples and those who have divorced. In West Virginia, married couples who have a combined taxable income of $150,000 or less are eligible for the full marital deduction. Those with a higher combined income are limited in the amount of the deduction. In some cases, spouses may decide to exclude some of their income from the deduction to reduce their taxes. There are also other deductions available for items like child care and alimony payments. The marital deduction can help married couples and those who have divorced to pay less taxes.

Related FAQs

What is a post-divorce modification?
Do I need a lawyer to file for a divorce?
What is a default divorce?
What is a postnuptial agreement?
How much is the average cost of a divorce?
How do I change my name after a divorce?
What is the difference between a contested and uncontested divorce?
What is the process of getting a divorce?
Are there any grounds for an at-fault divorce?
What is collaborative law?

What is a marital deduction?

Related FAQs

Related Blog Posts