Legal Question in Family Law in New York
Divorce
If my husband gives me cash money as a part of our divorce settlement, am I suppose to pay tax on that money, and is he suppose to claim that back on his income tax
2 Answers from Attorneys
Re: Divorce
If the cash is simply a distribution from your marital assets, it is "post tax" - that is, no tax is due on it, because any tax, presumably, has already been paid on it.
If the money is alimony/spousal support, it is negotiable as to who pays tax on it.
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Re: Divorce
There is no "pat" answer.
You need to discuss this matter with your divorce attorney and an accountant, upon review of your divorce and other financial info and documents.
Good luck,
There is no "pat" answer.
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