| 1. |
|
| 2. |
|
| 3. |
|
Ratings. Guidance. The Right Lawyer.
tax consequences for separation of long term same sex relationship
Nashville, TN
Viewed 70 times.
Posted 8 months ago in Divorce / Separation
Flag as objectionable
tax question:
tax question - i was in a 30 year gay relationship, that we separated in Aug 2008, and we did a separation agreement, where he got 70,000 cash, one car and personal belonging.
my quesiton is can this be deducted on taxes as alimony payment? I had to cash in my IRA inorder to pay this, i kept all property, house, boat, 3 cars, and furniture and all debts. Answers (1)
Franklin Moore Mclaughlin IV
This attorney is licensed in California and 2 other states.
Posted 6 months ago.
Flag as objectionable
Were you legally married? If not, then you cannot deduct the payments as alimony. Plus, the right to such deductions is generally based on a court order. It sounds as if your separation agreement was a private matter, not trough a court. In addition, it is quite possible that your former partner will have taxable income from the sale of his half of the assets to you. Code section 1041 allows tax-free transfers between spouses, but I'm not sure that he would qualify. In addition, if you are under age 59 1/2, you will be subject to a 10% penalty on the early withdrawal of money from your IRA.
You most certainly need to consult with a tax attorney familiar with marriage laws and federal and state tax laws in Tennessee.
Back to Search Results
Next question: Is this free answers to legal questions? Previous question: Payment After Anesthesia - Dental |
