Internal Revenue Code Section 1041
This section provides that any transfer of property from one spouse to another is a nontaxable event.
Internal revenue code section 1041. Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. Transfers of property between spouses or incident to divorce. For more detailed codes research information including annotations and citations please visit westlaw.
For couples contemplating a divorce or in the process of a divorce one of the most important tax provisions to be aware of is internal revenue code section 1041 which addresses the transfer of property between spouses or former spouses. Transfers of property between spouses or incident to divorcetext contains those laws in effect on september 28 2020. No deductible loss or taxable gain.
Transfers of property between spouses or incident to divorce on westlaw. Definition of section 1041 section 1041 of the internal revenue code that mandates that any transfer of property from one spouse to another is income tax free. From title 26 internal revenue codesubtitle a income taxeschapter 1 normal taxes and surtaxessubchapter o gain or loss on disposition of propertypart iii common nontaxable exchanges.
1041 addresses transfers of property between spouses or incident to divorce. Gain or loss on disposition of property.