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My Wife and I are divorceing, We have agreed in principal to most items, She will be keeping the primary residence. She(making more money than I ) can afford this .She will refinance the house and pay 50% of the equity to me.,I will purchase another house at some time. What are my tax responsabilities and my options, to avoid any taxes. I dodn't want to take a one time capital gains,because I might need to do this later on. Thanks Jim

Submitted: 1340 days and 3 hours ago.
Category: Finance
Value: $25
Status: CLOSED
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St. Louis , Missouri

Accepted Answer

As this is a part of a divorce settlement, there are NO tax consequences. It is not considered a sale or anything else taxable. It is considered a "property settlement" and, by IRS definition, there are no tax consequences.

jon@jonacpa.com

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Expert: jonacpa
Pos. Feedback: 100.0 %
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Answered: 3/23/2006

Certified Public Accountant (CPA)

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