Wilma and Barney’s tax transactions for the boatWilma divorced Barney last year. This year she received the title to their boat that cost $45 000 and is now worth $55 000. Barney paid Wilma $1 500 per month $500 for alimony and $1 000 for support of their two children.Wilma owed $60 000 to the bank for a loan on a failed business. To satisfy the debt she transferred title of the boat to the bank and paid an additional $5 000. What are the tax consequences of these transactions for Barney and Wilma?
Wilma and Barney’s tax transactions for the boat
by admin | Sep 6, 2025 | Statistics
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