How much money will be taxable from a divorce settlement?
Manuel P asked:
Last year, my ex-wife and I agreed on the settlement of our house after our divorce, which is 50/50. She and I agreed not to sell the house (unless she buys me out right before then) until my last child turns eighteen, which will be in 11 years. I was given $25,000 last year upfront from my ex-wife as part of the settlement agreement from the house. I am currently on SSDI too. Don't know if that will be affected too.
Last year, my ex-wife and I agreed on the settlement of our house after our divorce, which is 50/50. She and I agreed not to sell the house (unless she buys me out right before then) until my last child turns eighteen, which will be in 11 years. I was given $25,000 last year upfront from my ex-wife as part of the settlement agreement from the house. I am currently on SSDI too. Don't know if that will be affected too.
What I am really trying to say is how much (approximately) do I have to pay in taxes for the $25,000 I received from my ex? Being on disablility, how will that affect me too.
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You shouldn’t have to pay income taxes on the $25,000. I’m not sure though if it will affect your SSDI.