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anthonyg978

Junior Member
What is the name of your state (only U.S. law)? massachusetts if a spouse in massachusetts is awarded a cash settlement in a divorce.is the spouse receiving the cash liable for state and federal taxes.
 


M

mistoffolees

Senior Member
anthonyg978 said:
What is the name of your state (only U.S. law)? massachusetts if a spouse in massachusetts is awarded a cash settlement in a divorce.is the spouse receiving the cash liable for state and federal taxes.
Click to expand...
Depends. What is the settlement for?

If it's property division, it's not taxable.

If it's child support, it's not taxable.

If it's alimony, it MAY be taxable to the recipient and deductible for the payor, but only if it meets IRS guidelines.

If it's for something else, you'll have to tell us what it is.
 
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