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RR. Hidden Traps Involving Divorce
October 24@11:30 AM - 12:30 PM PDT
Member Price » $49.00 | Non-Member Price » $79.00
Course Description: This course reviews the federal income tax issues involving individual taxpayers who are legally separated, going through the process of divorce or who have completed the final steps of divorce proceedings. The course discusses Internal Revenue Code §1041 Transfers of Property Between Spouses or Incident to Divorce. It introduces the general rule that no gain or loss will be recognized on the transfer of property because of divorce. The course discusses traps of transferring assets, such as personal and rental real estate, U.S. Savings Bonds and more. The session includes basis calculations and deferral of income issues. The course discusses §71 inclusion of alimony and §215 deductibility both before and after the “Tax Cuts and Jobs Act”.