The IRS has held that in community property states which determine whether life insurance is separate or community property according to the "inception of title" doctrine (see Q 620), the proceeds of NSLI purchased initially as the insured's separate property
are separate property
even though later premiums were paid with community funds.
When titled, separate property
is converted to joint title--such as during a mortgage refinancing--it becomes community property.
Although income earned from separate property
(9) generally is separate income, Idaho, Louisiana, Texas and Wisconsin usually treat it as community income.
(18) However, language such as "each party's income and earnings during the marriage, and the individual assets acquired with such income or earnings from any source including earnings from employment, labors, or efforts during the marriage, shall constitute that party's separate property
" will be binding.
Huddersfield firefighters were called to the street to deal with a bin fire at a separate property
The entire estate was his separate property
. Before his death, Willet, with the aid of an estate tax attorney, developed a plan that placed his entire net estate in a marital trust at his death.
Included in that was a plan to set up a separate property
This spa package, which combines the beauty of the mountains with a close-up ocean view, features five nights at Strawberry Hill and two nights at the Caves--a separate property
owned by the Outpost on the coast of Negril.
All community-property states define community property by defining what is considered separate property
. Community property is considered to be property acquired while domiciled in the state that is not separate property
She waived her right to maintenance from her partner and also listed assets including 'miscellaneous jewellery and other personal effects', her earnings from after the separation date and other assets to be determined later, as separate property
- and thereby off-limits to Federline.
You wouldn't want to report, for example, 50 percent of the taxable income from rental property if it is your client's position that the rental property is his separate property
. Rather, you would report 100 percent of the income for the year, which is a tax position consistent with your client's legal position.