My question is: US-specific
QUESTION: I am getting divorced. My soon to be ex-husband (stbxh) has offered me cash in lieu of structured alimony. Here is the deal...We sold our house in Maryland in Sept. 06. We had 200K in profits. We bought land in Maine with 1/2 and put 1/2 in a moneymarket account (we were going to move to Maine and build a house then the marriage hit the skids). Anyhoo, I am using the 1/2 in the bank to purchase a house for myself (I settle April 30, 2007). STBXH has offered me the other 1/2 of the money in lieu of alimony as I mentioned(we sold the land, it closes this week, we broke even on it, maybe a small loss of a few hundred dollars). We are both still in Maryland. My question is: Will I get hit with capital gains on the 100K? We did not profit on the Maine land and I look at the money as proceeds from our home sale in Sept. 06 What do you think?
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david ingram replies:
As described the $100,000 is tax free. Sorry - always tough when a marriage breaks up.
