Indicate by a T if the following results in a taxable gift and an N if it does not result in a taxable gift.
-Transfer of a house valued at $500,000 held in joint tenancy to the wife according to the divorce decree

Question

Quizplus · Accepted Answer

Transfers of property between spouses according to a divorce decree are generally not considered taxable gifts under U.S. tax law. They are treated as transfers incident to divorce and are not subject to gift tax.

Indicate by a T If the Following Results in a Taxable