Divorce Equality

by Patrick Appel

Robert Wood sums up the tax benefits of marriage and divorce:

A divorcing couple can divvy up property tax free. Again, there’s no limit. So if you jointly bought a house, you can transfer your interest to your ex without tax.

Not married? In that case, you’ll likely face income or gift taxes. If you give your half of the house to your ex-partner and receive nothing in exchange, you’ve made a taxable gift.

(Hat tip: Kincaid)