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Divorce Tax Issues

October 17, 2016

What Is the Tax Impact of the “Out Spouse” Paying the Mortgage, Property Taxes, Upkeep on the Family Home Post Divorce

In most divorces the continued joint occupancy of H and W while a sale of the family residence is pending is a nonstarter. Besides most divorcing […]
October 16, 2016

Are Legal and Professional Fees Paid to Secure a Divorce Deductible by Either Spouse?

Under Reg. 1.262-1(b)(7) attorney and professional fees paid in securing a divorce, separate maintenance agreement, or decree for child support are generally nondeductible by either spouse. […]
October 14, 2016

How Are Losses and Liabilities Incident to a Divorce Handled under §1041?

The non-recognition treatment under §1041 applicable to gains is equally applies to losses where a transfer is subject to §1041. IRC § 1041(a) dictates that the […]
October 11, 2016

Does Section 1041 Apply to all Property Transfers of Income Incident to a Divorce?

A divorce ordinarily involves a transfer of cash or other property in exchange for the release of support or other marital rights as part of executing […]
October 7, 2016

What Tax Consequences will I Face When My Property Was Previously Depreciated and then Transferred Incident to a Divorce?

IRC Reg. § 1.1041-1T(d) and Q& A-13, dictate potential surprising hidden negative tax consequences where a property has been previously depreciated under IRC § 179 and […]
October 7, 2016

What Tax Consequences will I Face When Redeeming Closely-Held Corporate Stock Under §1041?

It is very common for closely held corporations for both H and W to be stockholders and officers of the corporation. In situations where it is […]