Divorce

[tonia2021]

My client (wife) got a cash settlement from the divorce and the husbank kept the farm machinery. This is just a property settlement and results in no tax to the wife - correct?

[Bees Knees]

No tax when property is transferred between spouses in a divorce, whether it is cash or farm machinery. Doesn't matter.

[JohnH]

Standard outvome

She got the cash, he got the manure spreader.

[DTS]

If the ex-spouse is given or borrows the funds from a parent to pay off the other spouse..the settlement is still not taxable to the receiving spouse? Seems this would be the case, but wanted to verify.

Thank you,

Dennis

[fliszt]

Hey, JohnH,

She got the cash, he got the manure spreader.

you made me laugh again!! Wish I had your quick humor (or truth).

[Bees Knees]

If the ex-spouse is given or borrows the funds from a parent to pay off the other spouse..the settlement is still not taxable to the receiving spouse? Seems this would be the case, but wanted to verify.

It doesn't matter where the funds come from...a transfer between spouses due to a divorce is never taxable.

[Bees Knees]

She got the cash, he got the manure spreader.

Could be the makings of a country song:

She wanted more romance,
He wanted to make hay,
She wanted a diamond ring,
He wanted a hunting shack,
She wanted to see the world,
He wanted to watch the game,
She got the cash,
He got the manure spreader.

[veritas]

Pretty good

Could be the makings of a country song:

She wanted more romance,
He wanted to make hay,
She wanted a diamond ring,
He wanted a hunting shack,
She wanted to see the world,
He wanted to watch the game,
She got the cash,
He got the manure spreader.

but I think you have to get the dog and pickup in there somewhere.

[veritas]

For your listening pleasure.....

http://rds.yahoo.com/_ylt=A0oGkjK2YkhIsp8AqwVXNyoA;_ylu=X3oDMTE0ajdtMHAwBHNlYwNzcgRwb3MDNARjb2xvA3NrMQR2dGlkA1BSMDI3XzEyNQ--/SIG=120ehslh2/EXP=1212789814/**http%3a//www.youtube.com/watch%3fv=S9J7XE-ctMU

[DTS]

Song

Not to stifle any creativity here (???), but I think this "song" is going to need more than a mention of a pickup and a dog!

Dennis

[DTS]

http://rds.yahoo.com/_ylt=A0oGkjK2Yk...fv=S9J7XE-ctMU

I haven't heard that song in many years. One of my favorites. Thanks for the link!

Any from Patsy?

Dennis

PS: Bees, yours needs a ton of work and I mean a ton

[veritas]

For you Dennis

I haven't heard that song in many years. One of my favorites. Thanks for the link!

Any from Patsy?

Dennis

PS: Bees, yours needs a ton of work and I mean a ton

From Patsy

http://new.music.yahoo.com/videos/--41179682

[DTS]

Thank you Veritas...

From Patsy

http://new.music.yahoo.com/videos/--41179682

I just listened to it before I head off to bed.

Today, after listening to Tammy, I put in a search for Sweet Dreams and listened to that a couple of times. When my wife got home tonight, she took your link and the one I found for Patsy (and Dwight) and we turned off the lights and just listened to a few songs in the dark. What a nice way to relax at the end of the day.

Again, thank you!

Dennis

[Bees Knees]

PS: Bees, yours needs a ton of work and I mean a ton

That is why I am in the tax business and not a song writer. Never claimed to be one.

[JohnH]

I agree about the pickup and dog. It's helpful if the dog just recently died. There also needs to be something about a reposessed trailer, as well as somebody either getting out of jail or about to go there.