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    #1

    Biz Vehicle

    It has been a while since I encountered this situation.

    Taxpayer had a biz vehicle that we were taking standard mileage rate biz deduction on. Taxpayer finalized a divorce, and the spouse was granted the ownership of the biz vehicle as part of the property settlement.

    How do I handle the disposition of the biz vehicle and do I have to report on form 4797?

    Thanks,

    Sandy
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    #2
    Generally

    no gain or loss is recoognized on property transferred due to a divorce. The wife will have the same adjusted basis in the transferred asset as her ex-husband.

    IRC Sec.1041
    Last edited by veritas; 03-15-2010, 10:44 PM.

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      #3
      Yea

      Thanks Veritas,

      I think I knew that, just could not engage my brain!

      The ex spouse's problem now - and we all know that won't be tracked

      Off the books

      Sandy

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