I
Illinois Dad
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What is the name of your state? Illinois
During a marriage a home was purchased. Several years later, the marriage ends and a divorce settlement is awarded based on the current value of the home. Essentially, one party is buying out the other's share of the equity. Is this buyout subject to capitol gains taxes? If not, what types of tax consequences are involved in a divorce settlement?
During a marriage a home was purchased. Several years later, the marriage ends and a divorce settlement is awarded based on the current value of the home. Essentially, one party is buying out the other's share of the equity. Is this buyout subject to capitol gains taxes? If not, what types of tax consequences are involved in a divorce settlement?