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Divorce settlement

Posted 30 August 2015 under Tax Questions



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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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TaxTimTaxTim says:
24 August 2015 at 7:28

What is making up the divorce settlement?


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.


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.


TaxTimTaxTim says:
25 August 2015 at 16:21

Is this cash that he is paying you or does it come from some fund?


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.


TaxTimTaxTim says:
28 August 2015 at 10:42

There will not be any tax on this amount in your hands.


Taxilliterate says:
28 August 2015 at 13:17

Thank you, but will I have to indicate it on my tax return?


TaxTimTaxTim 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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