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jamessite
Level 4
January 23, 2025
Question

divorce settlement in addition to alimony payment

  • January 23, 2025
  • 1 reply
  • 11 views

I know the receipt of $150000 of alimony is taxable in NY State, but not to the IRS.

If there is a separate $10000000 settlement, apart from the alimony, is that settlement also taxable in NY State?

Does it make a difference if it is marital assets OR if it is cash?

 

This topic has been closed for replies.

1 reply

abctax55
abctax55
Level 15
January 23, 2025

Cash *is* a marital asset, just like the house, the cars, the artwork, the brokerage accounts, the jewelry, the pets....

Splitting the marital assets isn't a taxable event.

Well, with the exception of retirement plans IF they are aren't handled correctly (think QDRO).

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