Clients jointly own commercial rental and are working hard for a 2009 divorce. A joint return is not possible for 2008. Prior passive loss carried to 2008 is about 30K. I expect a 2008 rental loss of about 6k. Wife's income is high, his is low.
One divorce lawyer has suggested that she gets the 2 kids and he should take the rental loss. The other lawyer suggested that I get contacted to see if I will sign for it.
It doesn't sound good to me. I think she gets the kids since she has both the time and the financial tests met.
I think they have to split the property income & expenses.
I think the prior losses are split 50/50 and that he will get a 2008 benefit but hers will keep going till the sale in 2009 or 2010.
Am I missing anything? Thanks.
One divorce lawyer has suggested that she gets the 2 kids and he should take the rental loss. The other lawyer suggested that I get contacted to see if I will sign for it.
It doesn't sound good to me. I think she gets the kids since she has both the time and the financial tests met.
I think they have to split the property income & expenses.
I think the prior losses are split 50/50 and that he will get a 2008 benefit but hers will keep going till the sale in 2009 or 2010.
Am I missing anything? Thanks.
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