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Rosie45
New Member

Marital Property Settlement

MPA states husband to pay $1,000,000 cash for us to remain married.  Instead he transferred stock along with his basis.  I had to cash out to get the cash.  I believe he should be paying the capital gains (approx $175,000) since he did not follow the agreement.  How can this be done?

Innocent spouse equitable relief?  Or, what can I do?

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2 Replies

Marital Property Settlement

Consult your attorney.  You have a legal issue.   We cannot help with legal issues in this forum.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Marital Property Settlement

If you owned stocks (they were transferred into your name) and you sold them, your basis is whatever the original purchaser paid, and you owe capital gains on the difference.  There is no IRS procedure to adjust this.  This is not a case for injured or innocent spouse relief, it simply does not fit the statutory definitions of those situations.  There is also no way to claim a stepped up basis in this situation. 

 

You would have to follow this up in the family court, not with the IRS and state tax authorities. 

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