What Is The Tax Impact of Divorce?
August 29th, 2008 By Peter G. Miller
The tax rules essentially allow owner-occupants to write off profits from the sale of a qualifying prime residence of up to $250,000 for single individuals and $500,000 for married couples.
If a divorce or separation is being considered, or is underway, please consult a tax professional as early as possible to see how a real estate transfer should be structured. It is in the interest of all parties to reduce tax costs and thus the loss of household wealth.
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