Editing Mass: the Effecting
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− | + | If the divorce deerce assigns half of the gain to your ex-husband, then you don't need to report anything on your 1040. Your half of the total gain is $190,000, which is fully covered by your $250,000 exclusion (assuming that you qualify for it).Regarding the 1099-S: the big question is whether it is in your name, your ex-husband's name, or both. If it is in your ex-husband's name, you don't need to do anything, but your ex-husband might get a letter if he doesn't report anything. Otherwise, it is entirely possible that the IRS will send you a notice asking why this sale was not included on your return. If that happens, you simply need to reply with a short explanation telling them exactly what your question stated (and be sure to include a copy of the divorce deerce).If you would prefer to beat the IRS to the punch, then you would indeed report half of each item with an attached statement showing how you got your figures (adjusted basis, selling fees, etc). The following IRS link explains federal tax return preparation when community property is involved. Good luck! | |
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==Resources== | ==Resources== | ||
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[[Mass_Effect_Transcendence |The campaign wiki for Mass Effect: Transcendence]]<br> | [[Mass_Effect_Transcendence |The campaign wiki for Mass Effect: Transcendence]]<br> | ||
[http://forum.rpg.net/showthread.php?614143-nWoD-for-Mass-Effect The original brainstorming/ideas thread on RPGnet]<br> | [http://forum.rpg.net/showthread.php?614143-nWoD-for-Mass-Effect The original brainstorming/ideas thread on RPGnet]<br> | ||
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[http://masseffect.wikia.com/wiki/Mass_Effect_Wiki The Mass Effect wiki]<br> | [http://masseffect.wikia.com/wiki/Mass_Effect_Wiki The Mass Effect wiki]<br> | ||
[http://wiki.white-wolf.com/worldofdarkness/index.php?title=Main_Page The World of Darkness wiki]<br> | [http://wiki.white-wolf.com/worldofdarkness/index.php?title=Main_Page The World of Darkness wiki]<br> | ||
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