When going through the ordeal of a divorce, if you are taking the real estate, 1/2 of the IRA, and pension. No money is owed on the real esate. Are there penalties that one get from all of this. If so what is the percentage? My main concern is that when you move an IRA into another account, Will I get taxed on this ?
GUS
Comments
Talk with your tax preparer and the person who oversees the IRA. My guess would be “Yes”, there will most likely be some tax liability and penalty for both parties in regards to the IRA. The ex-spouse should sign a quit claim deed in regards to the real estate. Only tax liability here would possibly be holding the ex-spouse responsible for 1/2 of the real estate taxes owed up until the date of divorce.
your best bet before you do anything i would talk to a who ever does your taxes!!!!
there are no penalities with the real estate. in consideration for $10 (quit claim), the title become yours. you’ll need to talk to your real estate lawyer on the paperwork for this.
as for the ira, the ira representative will need to submit the proper forms need to be filled out which is followed of course with the judge signed divorce judgement. the monies will be transferred to a separate ira under your name. you will be taxed only if you cash the ira.
