Document your charitable donations
Answers to your personal finance questions
By Helen Huntley, Times Personal Finance Editor
Published October 21, 2007
You asked
My ex-husband states that he is going to claim all the tithes and donations that we gave to our church and that he is not going to tell me the figure for the time we were together. Can he do this? I think I would be entitled to claim at least half of this number. Some of the checks that were given were ones I received from my employer, and I just signed my name and gave them to the church.
Contact the church and ask for a record of your contributions for the time in question. You can't take a charitable deduction unless you have a written acknowledgment of your donation.
You each are entitled to deduct money given from your separate funds. Ask your employer if it's possible to get a copy of the endorsed check to help you document your case. Donations from joint funds are divided 50-50 in community property states, but Florida is not one of them. The IRS says that in other states, it's up to the divorcing spouses to decide how to allocate their itemized deductions, but in no case can you both deduct the same expense. This might be discovered if you were audited.
I need a roof that will cost $6,000 that I don't have. I owe only $40,000 on my home, which is valued at $160,000. Is it better to take out a home-equity loan, a home-equity credit line or spread this amount over two credit cards?
Generally, a home-equity loan is best when you have a single expense you'll be paying for in a lump sum, while a home-equity credit line is best when you'll be borrowing at various times. A credit line typically has an adjustable interest rate, while a home-equity loan may have a fixed rate.
A credit card is the best option only if you've been offered a low rate that's locked in for a while. A "teaser" rate good for just a few months is worthless unless you think you can pay off the loan very quickly. Some roofing companies offer financing options worth considering.
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To ask a question, make a comment or answer the Money Question of Week, e-mail hhuntley@sptimes or write Helen Huntley, P.O. Box 1121, St. Petersburg, FL 33731. Visit her MoneyTalk blog (blogs.tampabay.com/money for more money information.