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I am recently divorced and my ex-husband is going to pay me my half of our homes worth so he can stay there because it is not selling. We will do a quit claim deed. I understand he needs to re-finance so I am off the loan. Will I have to pay taxes on the money I make from the house?
Optional Information: State/Country of Question: Ohio
Probably. This payment is technically considered income to you. As such, it should be reported when you file your income tax return. An exception to this general rule would be if it was somehow considered to be in lieu of child support, Since child support is not considered income, it wouldn't need to be reported. However, this does not seem to be the case in your situation.
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Experience: I have 15 years experience in the legal field, currently specializing in criminal and family law