Q: Do I have to claim as income a cash settlement that is part of the divorce agreement?
The money is from half the equity from the sale of our house. My spouse was required to sell within 5 years. I let her live there until she retired, but it has been 15 years since the divorce. I also signed the deed over to her a few years ago. She died last year, and our children now own the house. They still agree to pay me, (the sale is now pending) but I don't know if I have to claim this as income.
A: This is really a taxation question. Waiting and not filing a Modification Agreement to change the sale date may be problematic for enforcement purposes as well. The creditor claim period is one year from the date of death also.
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