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Taxes on divorce settlement
Posted on 4/12/23 at 7:00 pm
Posted on 4/12/23 at 7:00 pm
A friend of mine is about to come into some money in a community property settlement. Will she have to pay taxes on it? Is there any way to avoid it or minimize it if she invests it?
This post was edited on 4/12/23 at 7:17 pm
3
Posted on 4/12/23 at 7:46 pm to GrizzlyAlloy
She isn't coming in to money. She is getting her cut of the money she already has.
Posted on 4/12/23 at 7:58 pm to tigeralum06
That's a good point.
Posted on 4/12/23 at 8:17 pm to GrizzlyAlloy
Your soon to be sugar momma could owe some taxes on her 1/2 of his untaxed 401K and a penalty if she withdraws it before she's 59.5
Posted on 4/12/23 at 9:44 pm to weadjust
Quick question (and hoping this is something I never have to deal with), let’s say they both own a home, but have only lived in it a year or so. Let’s say the house has increased in value by some amount. If the ex-husband buys her out, would she owe capital gains taxes on that? Just curious.
Posted on 4/12/23 at 10:40 pm to Jag_Warrior
They are partitioning the community property and allocating assets between them. No she would not be taxed on transferring the house to the ex.
The broker should be able to split the investment portfolio tax free.
Generally retirement plans can be split through QDRO without incurring tax.
The broker should be able to split the investment portfolio tax free.
Generally retirement plans can be split through QDRO without incurring tax.
Posted on 4/12/23 at 11:10 pm to weadjust
She agreed to go away for $40k cash. I don't think it was a 401k withdrawal. They didn't have children.
Posted on 4/12/23 at 11:33 pm to GrizzlyAlloy
quote:
A friend of mine is about to come into some money
quote:
She agreed to go away for $40k cash
lol
Posted on 4/13/23 at 12:09 am to hedgediver
Thanks.
Posted on 4/13/23 at 7:51 am to tigeralum06
quote:
She is getting her cut of the money she already has.
If that’s the case, why doesn’t she just take her money and leave now? Because the husband busted arse to make the money and she has to rob him under a court order is the answer.
Posted on 4/13/23 at 10:01 am to GrizzlyAlloy
quote:
She agreed to go away for $40k cash
Money well spent.
Posted on 4/13/23 at 10:14 am to GrizzlyAlloy
I thought only men had to pay taxes?
ETA: don’t put a ring on it Jody, 40k is like 3 dozen eggs and a tank of gas these days
ETA: don’t put a ring on it Jody, 40k is like 3 dozen eggs and a tank of gas these days
This post was edited on 4/13/23 at 10:17 am
Posted on 4/13/23 at 9:16 pm to Drizzt
quote:
If that’s the case, why doesn’t she just take her money and leave now? Because the husband busted arse to make the money and she has to rob him under a court order is the answer.
Sorry about your divorce baw.
Posted on 4/13/23 at 10:08 pm to el Gaucho
quote:
ETA: don’t put a ring on it Jody, 40k is like 3 dozen eggs and a tank of gas these days
LMFAO, I can always count on Gaucho to keep my head in the game.
This post was edited on 4/14/23 at 4:50 am
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