Tapping an IRA the wrong way in a divorce can be a costly blunder. A divorce court ordered a man to pay $100,000 in a nontaxable transaction into an IRA titled in his ex-wife’s name. He was also ordered to pay her attorney fees. The husband withdrew money from his IRA and paid his ex […]
Divorce, Income, IRA, IRA Income, IRA withdrawal, IRS, taxable incomeA handyman who did work in exchange for reduced rent has taxable income. For years, he and his family rented a home from a lessor who owned other properties. One year, when the handyman couldn’t pay rent, he and the lessor informally agreed that he’d do maintenance work for the lessor in exchange for a […]
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