How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen, Tax Attorney
Category: Tax
Satisfied Customers: 36714
Experience:  25 years of experience helping people like you.
Type Your Tax Question Here...
Ellen is online now
A new question is answered every 9 seconds

I received a car from my ex under court order for his failure

This answer was rated:

I received a car from my ex under court order for his failure to make alimony payments. Is the value of the car taxable or is it considered a noncash asset and therefor not taxable?

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

The value of the car would be considered alimony and therefore taxable to the recipient
Customer: replied 6 years ago.
In IRS 504 it says noncash asset transfers are not considered alimony for tax purposes. Are you sure you are correct about this?
Your situation differs from the examples in 504 as the car was transferred to satisfy the judgment for past-due cash alimony.
Ellen and other Tax Specialists are ready to help you