Tag Archives: income tax

Illinois divorce attorney

NO MORE MAINTENANCE DEDUCTION FOR JUDGMENTS OF DISSOLUTION OF MARRIAGE ENTERED AFTER JANUARY 1, 2019.

As of December 21, 2017, here is how things stand:

*The House of Representatives, voting along party lines (227-203), approved the biggest re-write of the Income Tax laws since 1986.

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This sounds incredible, doesn't it? But if your home has gone up in value, the first $500,000 in profit per married couple is income tax free. If you are single, the first $250,000 is income tax free.

Since the purchase price or improvements made by you are not part of the profit, most people won't pay any income tax on the sale of their home.

The good news is that you can take advantage of this tax free perk every two years. Check with your tax professional to see how this can work for you.

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phone 630-920-8855
address15 North Lincoln Street, Hinsdale, IL 60521
phone 331-588-6611
address21 North 4th Street, Geneva, IL 60134
Our firm handles family law and personal injury matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Burr Ridge, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lombard, Naperville, Oak Park, Oak Brook, Oakbrook Terrace, Clarendon Hills, Oswego, Park Ridge, Roselle, St. Charles, Geneva, Villa Park, Warrenville, Wheaton, Western Springs, LaGrange, Winfield, Woodridge and Yorkville.

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