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Category Archives: Exclusion of Gain From Sale of Residence
Tax Planning For Divorce
I. Introduction. In an action for divorce, property is subject to “equitable distribution” pursuant to Domestic Relations Law (DRL) §236. New York distinguishes between “marital” property, which is subject to equitable distribution, and “separate” property, which is not. The … Continue reading
Posted in Asset Protection, Divorce, Exclusion of Gain From Sale of Residence, Tax Planning
Tagged appreciated marital assets, asset protection, DRL 236, IRAs in divorce, IRC 1015, IRC 1041(b), IRC 1041(c), IRC 215, IRC 2516, IRC 2523, IRC 71, ny equitable distribution, ny marital property, ny separate property, o'brien v. o'brien, prenuptial agreement, price v. price, property transfer between divorcing spouses, QDRO, retirement plans in divorce, tax planning for divorce, transfers incident to divorce, Treas. Reg. 1.1041-1T
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Exclusion of Gain From Sale of Residence Under IRC Section 121
The 1997 Tax Act eliminated the rollover gain provision as well as the one-time $125,000 exclusion for persons 55 years or older. IRC § 121 now provides for an exclusion of $250,000 which may be claimed every 2 years. To … Continue reading
Tax News & Comment — May 2013