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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16580
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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For a tax specialist in California. In a divorce settlement,

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For a tax specialist in California.

In a divorce settlement, I receive $300,000. Is this exempt from taxes? If it is not, how much do I pay in California?

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

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MyVirtualCPA :

Transfers between spouses incident to a divorce are not taxable

MyVirtualCPA :

Section 1041 of the Internal Revenue Code, enacted in 1984, provides that there shall be no recognition of gain or loss upon transfer of property from one spouse to or on behalf of the other spouse during marriage or incident to divorce.

MyVirtualCPA :

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