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

to make alimony payments....
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?
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Answered in 5 minutes by:
8/3/2010
Ellen
Ellen, Tax Attorney
Category: Tax
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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
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Customer reply replied 7 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
Ellen, Tax Attorney
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Satisfied Customers: 36,714
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