My wife and I are separated....if she gives me money that she owes me from the sale of the home she brought into our marriage will I incur any tax liability.
Asked on 7/30/15, 4:13 pm
1 Answer from Attorneys
Sean Hanover
Hanover Law
Yes. You will incur tax liability equal to your share of the sale of the house. If you re-invest the money in another property, or you meet the tax liability exemption for income from the sale of property, then you may avoid tax implications. Your best bet is to meet with an attorney and discuss the property settlement agreement, and your obligations/assets thereunder. If you need help with this, give us a ring! 703-402-2723 or [email protected]
Answered on 8/01/15, 3:26 pm
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