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What Is The Impact of Divorce?
Question: What is the tax impact of divorce?
Answer: Tax reform in 1997 probably eliminated tax problems for all but the richest citizens facing divorce. The new rules essentially allow owner-occupants to write off sale profits of up to $250,000 for single individuals and $500,000 for married couples every two years. If a divorce or separation is being considered, or is underway, please consult a tax professional as early as possible to see how a real estate transfer should be structured. It is in the interest of all parties to reduce tax costs and thus the loss of household wealth, especially when children will be the ultimate beneficiaries of such cooperation.
© 1997 Peter G. Miller. All Rights Reserved.
Written by Peter G. Miller.
© 1997 Peter G. Miller. All Rights Reserved. Rules, Disclaimers & Notices.
Copyright © 2012 Realty Times. All Rights Reserved.
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