-
Articles & Seminar Materials
- June 5 NYS Tax Litigation Seminar: Completion Certificate June 2, 2025
- June 5 NYS Tax Litigation Seminar — Outline May 31, 2025
- June 5 Tax Litigation Seminar — Supplementary Materials May 14, 2025
- June 5 CPE Seminar: NYS Tax Litigation — Practice & Procedure April 28, 2025
- March 13 CPE Seminar: Supplementary Materials March 4, 2025
- Income Taxation of New York Trusts & 2025 Planning Strategies March 4, 2025
- Webinar Recording of 1031 Final Regulations Seminar January 16, 2025
-
Natural Language Search
Search by Category
Most Popular
- Welcome
- Requirement of Filing Federal Gift Tax Return
- Executor and Trustee Commissions Under the New York EPTL
- Letters Testamentary
- 2012 Taxpayer Relief Act & Tax Outlook for 2013
- Valuation Discounts for LLCs
- Wash Sales
- Legal Basis for Seeking Abatement of New York State Tax Penalties
- Gain, Loss and Depreciation Issues in Like Kind Exchange
- Recent IRS Developments -- October 2009
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
Leave a comment
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