does transfer of 50% of your marital residence as part of a divorce settlement create a tax liability in NJ ??

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does transfer of 50% of your marital residence as part of a divorce settlement create a tax liability in NJ ??

2006-10-21 07:27:13 · 2 answers · asked by drmail3000 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

No, but the sale of said house might. Seek the advice of the lawyer handling your case, not a random forum. Your lawyer should be able to ensure whatever assets you give up or recieve will not result in an unbearable tax burden for you.

2006-10-21 09:02:31 · answer #1 · answered by lizzit 3 · 2⤊ 0⤋

Sure do! But to transfer before the final step goes into court, you might get in hot water!!

2006-10-21 07:30:54 · answer #2 · answered by alfonso 5 · 0⤊ 1⤋