2006-10-22 07:32:06 · 5 answers · asked by mickeyw 1 in Business & Finance ➔ Taxes ➔ United States
There was no support asked for or given.
There was only a division of assests.
2006-10-22 12:19:59 · update #1
Depends, refer to your divorce papers. If the papers do not specify then generally no for the fed. The ex spouse cannot claim the settlement to reduce their tax liability either.
If the settlement is recorded in the divorce papers as spousal support, then yes that is taxable.
Consult your tax professional at year end
2006-10-22 07:35:57 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
If the settlement was exclusively a division of assets, there is no income tax consequence. The court has ruled that the settlement is the value of what you already own.
2006-10-22 13:35:01 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Last answer, while well intentioned, not quite detailed enough. Depends upon what your settlement was for? Was it a property distribution? Is it alimony? Property settlement in lieu of alimony? You need to consult your tax accountant or attorney, but generally alimony/support is taxable; property settlement is not.
2006-10-22 07:43:29 · answer #3 · answered by MJ 4 · 1⤊ 0⤋
maximum "pink" states are doing effective, mutually as "Blue" states like California and long island are occurring the drain in debt. as quickly as the popular public learns which you will no longer punish the wealthy with taxes and assume to create jobs, the speedier the economically collapsing blue states will get better. whilst have you ever been presented a job from a adverse individual. Trickle up economics in basic terms pulls each and every physique down and no you will get a step-up.
2016-10-15 07:40:36 · answer #4 · answered by Anonymous · 0⤊ 0⤋
NO-NO-NO. Said activities are between spouses or soon to be ex spouses and there is no tax liablility attached thereto.
2006-10-23 03:37:05 · answer #5 · answered by acmeraven 7 · 1⤊ 0⤋