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Im going through a divorce and all our money is tied up in

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I'm going through a divorce...
I'm going through a divorce and all our money is tied up in my husband's corporate checking account. Can I take money out of that account without any tax implications?
Submitted: 7 years ago.Category: Tax
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Answered in 1 minute by:
8/3/2010
Tax Professional: RD, Certified Public Accountant (CPA) replied 7 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Will this be part of the property settlement in divorce?
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Customer reply replied 7 years ago
This is ensure I will have money during the divorce as he told me he is cutting me off Sept. 1st. I'm a full time student, so I have no money.
Tax Professional: RD, Certified Public Accountant (CPA) replied 7 years ago
Presuming this is a S Corp, If your husband gives the money to you or if you withdraw - there is no tax implication if this is a drawing from the business and not payroll or fee for services provided.

Let me know if you have any question.

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD
RD, Certified Public Accountant (CPA)
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