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URL:  http://boards.fool.com/or-you-can-find-the-answer-in-publication-504--15005672.aspx

Subject:  Re: Payout from divorce Date:  5/20/2001  6:05 PM
Author:  gailkay Number:  51107 of 121585

Or you can find the answer in Publication 504 - Divorced or Separated Individuals<i/>
http://www.irs.ustreas.gov/forms_pubs/pubs/p50406.htm

Transfer Between Spouses
No gain or loss is recognized on a transfer of property from you to (or in trust for the benefit of):

Your spouse, or
Your former spouse, but only if the transfer is incident to your divorce.
This rule applies even if the transfer was in exchange for cash, the release of marital rights, the assumption of liabilities, or other considerations.
However, this rule does not apply if your spouse or former spouse is a nonresident alien. <more>

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