QUESTION
I got divorced in 2013, we split all marital assets and she bought me out, since she bought me out, is this money part of the settlement of assets?
Asked on Feb 28th, 2014 on Divorce - Louisiana
More details to this question:
Do I have to pay taxes since it was a division of property?
10 ANSWERS
Family Law Attorney serving Peoria, AZ
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The Law Firm of Jessica M. Cotter, P.L.L.C.
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This is more a tax question than a legal question, so I suggest you consult with a tax accountant. I will also suggest that if any of the money came as your portion of a retirement account, 401(K) or IRA, then it certainly may be taxable. Generally speaking, however, the division of a marital account, or other asset should be a non-taxable event.
Answered on Mar 05th, 2014 at 7:32 PM
Social Security Disability Attorney serving Melbourne, FL
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Law Office of Robert E. McCall
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You need to direct your question to a tax attorney, not a legal generalist.
Answered on Mar 05th, 2014 at 9:56 AM
Mediation Attorney serving Bloomfield, NJ
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Cassandra T. Savoy, PC
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Call your accountant.
Answered on Mar 05th, 2014 at 9:23 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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I cannot answer on the facts presented.
Answered on Mar 04th, 2014 at 8:34 PM
Bruce Provda
You should really any tax issues with an accountant or tax attorney.
Answered on Mar 04th, 2014 at 8:29 PM
Domestic Relations Attorney serving Omaha, NE
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Diane L. Berger
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I do not believe you would have to pay taxes on the division you describe.
Answered on Mar 04th, 2014 at 8:21 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Tax refund? If you filed separately for 2013, that would be your money and what she gets for her refund is hers.
Answered on Mar 03rd, 2014 at 6:22 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Generally it is considered a distribution of assets and you should not have to pay taxes on it. You may need to talk to a tax adviser and review your divorce agreement to be sure.
Answered on Mar 03rd, 2014 at 6:22 PM
Dispute Resolution Attorney serving Seattle, WA
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Law Offices of Helene Ellenbogen P.S.
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Yes it's part of the division of assets and no you don't have to pay taxes on it.
Answered on Mar 03rd, 2014 at 6:21 PM
1 Award
No, you do not have to pay taxes on your receipt of funds representing your one-half value of the community.
Answered on Mar 03rd, 2014 at 5:55 PM