Blog Post

TAX ON PROPERTY RECEIVED IN DIVORCE

Bruce Brown • Feb 04, 2014

Does a property settlement create tax liability? Ordinarily there is no tax liability created by a property settlement. However, if you receive a particular asset as part of your settlement, and you later sell that asset, you are responsible for any capital gains taxes for that asset. Good planning requires a consideration of the ultimate tax impact that goes with the award of particular assets.

The intersection of divorce and tax law is a very complicated subject. You should not rely on this very brief primer to make any final decisions regarding tax and divorce. You need to consult with your CPA and/or tax lawyer before making any decisions that may affect your taxes (or divorce for that matter). Each circumstance is different.

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