You'll need to sign in or create an account to connect with an expert.
Transfer Between Spouses
Generally, no gain or loss is recognized on a transfer of property from you to (or in trust for the benefit of):
Your spouse, or
Your former spouse, but only if the transfer is incident to your divorce.
This rule applies even if the transfer was in exchange for cash, the release of marital rights, the assumption of liabilities, or other consideration.
A property transfer is incident to your divorce if the transfer: Occurs within one year after the date your marriage ends, or Is related to the ending of your marriage. If it is a division of the marital estate it is NOT taxable -- it was already yours in the first place.
Transfer Between Spouses
Generally, no gain or loss is recognized on a transfer of property from you to (or in trust for the benefit of):
Your spouse, or
Your former spouse, but only if the transfer is incident to your divorce.
This rule applies even if the transfer was in exchange for cash, the release of marital rights, the assumption of liabilities, or other consideration.
A property transfer is incident to your divorce if the transfer: Occurs within one year after the date your marriage ends, or Is related to the ending of your marriage. If it is a division of the marital estate it is NOT taxable -- it was already yours in the first place.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rayakaradsheh
New Member
hollysmith174
Level 1
amgaliastro
New Member
MS456
Level 2
morgancowgirl20
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.