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Taxilliterate says: 23 August 2015 at 18:43 Hi. I am receiving a divorce settlement and I've seen on a previous question that you said it's not taxable, but do I need to declare it somewhere on my tax return? |
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TaxTim says: 24 August 2015 at 7:28 What is making up the divorce settlement? |
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Taxilliterate says: 24 August 2015 at 19:28 He is paying me for my half of the house. Valued at 1,100 000.00. He's paying me 550 000.00. |
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Taxilliterate says: 25 August 2015 at 9:21 Half of the 550 000.00 will be to pay off my car and the other half is going in to my bond. |
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TaxTim says: 25 August 2015 at 16:21 Is this cash that he is paying you or does it come from some fund? |
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Taxilliterate says: 25 August 2015 at 17:35 It is cash. He has taken a further bond on our original house and transfered it to his name. Then paid over the cash to my car and the rest will be paid into my new bond. |
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TaxTim says: 28 August 2015 at 10:42 There will not be any tax on this amount in your hands. |
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Taxilliterate says: 28 August 2015 at 13:17 Thank you, but will I have to indicate it on my tax return? |
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TaxTim says: 30 August 2015 at 20:59 No you will not, it is not necessary to reflect that on your tax return. |
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