Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 270 August 6, 2004
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 270 August 6, 2004 |
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 » From: The Internet Dear TaxMama: My husband and I built a motel together during our marriage. We are now getting divorced and I am about to sign the papers. We have agreed on the amount of $50,000. The property is currently held in a corporation of which he is half owner. I am going to be getting half of his equity from the property. I wanted to know if I will get taxed on the $50,000 at the end of the year. Thanks so much for your help. Alice Who Doesn't Live There Anymore  Hi Alice, How interesting that you ask that question this week. This issue is one of the subjects I am teaching in the EA Review Class this very week. No, you won't have any taxes on the money. Any assets transferred from husband to wife during a divorce are not taxed (except retirement accounts - but they are only taxed if you don't roll them over into an IRA). And since you're getting cash, instead of property, you won't have a tax effect later. This is a big chunk of money. But it's not as big as it looks, once you start spending it. Find a good way to invest it, or a new business you can start, that will sustain you in the long run. Please don't just spend it all. Best wishes in your new life, Eva Rosenberg Your TaxMama  |
 
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2007 - Eva Rosenberg |
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