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Will I have to pay taxes once I receive my divorce settlement?
4 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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Any property that you receive as part of a divorce settlement is not subject to federal income tax.
Answered on Oct 28th, 2013 at 1:09 AM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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Divorce settlement is tax-free. If you also get alimony, that will be taxable.
Answered on Oct 25th, 2013 at 1:25 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It depends on the assets you are receiving, speak with your attorney, and if you do not have one, get one.
Answered on Oct 25th, 2013 at 1:24 AM
You have to distinguish between the different transactions involved in your settlement. Generally, property transfers are tax exempt. But, not all.
Answered on Oct 25th, 2013 at 1:22 AM