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Does not seem fair, the house money and kid money should be equally split.
Opinions?
So when it comes to taxes/insurance and grown up stuff, I'm clueless lol...
So I own a home that's in my name, i pay half, my sons father pays half.
I have a son who his father claims on his taxes cause he pays his insurance. I would pay his insurance or put him on my plan but his father has it cheaper.
My sons father claims our son on his taxes and keeps all the money he gets from him.... And he says it's fair cause I get money back from owning a home(I don't even know what I'll get back for owning a home since it will be the first year of living there but he gets about $1500 for our son) he has bought things for our house with the money he got last year but not $1500 worth.
Is this fair? We're not married and never will be for other reasons. I feel like we should switch every year. Opinions? I don't want to sound bitchy but also don't want to be getting screwed over lol so just want to hear what you ladies think :)
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Yep. I'd say it's fair. He's not getting $1500 for your son, he's getting a deduction that reduces his liability and he gets back whatever he overpaid throughout the year. He bought stuff to contribute to the house hold and he paid the insurance. You can have your accountant run the numbers a few different ways and you two can sit down and decide how to best maximize the cost of insurance and deductions.
Me
Makes sense. However, would he be getting money back before the deduction for a dependent? And if so, how much? There's way more to this if the end game is "fair."
St
I think she means $1,500 is the net benefit. I believe $4,000 is the exemption for dependents, which reduces your taxable income. I believe there is also a child tax credit, which reduces the amount owed.
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