Last year, my ex-wife and I agreed on the settlement of our house after our divorce, which is 50/50. She and I agreed not to sell the house (unless she buys me out right before then) until my last child turns eighteen, which will be in 11 years. I was given $25,000 last year upfront from my ex-wife as part of the settlement agreement from the house. I am currently on SSDI too. Don't know if that will be affected too.
What I am really trying to say is how much (approximately) do I have to pay in taxes for the $25,000 I received from my ex? Being on disablility, how will that affect me too.
2007-04-03 07:57:13 · 2 answers · asked by Manuel P 1 in Business & Finance ➔ Taxes ➔ United States
You shouldn't have to pay income taxes on the $25,000. I'm not sure though if it will affect your SSDI.
2007-04-03 08:20:40 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Divorce settlements are earnings you have already recieved and paid taxes on, one might anticipate; you're purely dividing components you already had, no longer in all risk recieving new earnings. the superb element to make effective nevertheless, could be to invite a tax professional approximately your specific situations.
2016-10-02 02:56:19 · answer #2 · answered by ? 4 · 0⤊ 0⤋