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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 578
Experience:  10 years experience
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I got divorced 9 years ago and filed a quitclaim deed to get

Customer Question

I got divorced 9 years ago and filed a quitclaim deed to get my name off deed. My name remained on the mortgage . Now we are getting ready to sell the house because the decree stated it could be sold when my daughter was through college. My question is do I have to pay and capital gains tax? I haven't lived there for 9 years and my name is ***** ***** mortgage. I will get half of proceeds from sale
Submitted: 6 months ago.
Category: Tax
Expert:  Mark Taylor replied 6 months ago.

Hi, my name is Mark. I will be happy to help you with your question. Please give me a few moments to work on your response.

Customer: replied 6 months ago.
Expert:  emc011075 replied 6 months ago.

Hi. My name is ***** ***** I will be happy to help you. It looks like the original expert opted out.

If you are not a legal owner of the property (you are not on the deed), than you do not report the sale or any capital gains. Depending on your divorce settlement, the proceeds from sale will be most likely treated as a gift or nontaxable property settlement.

Expert:  emc011075 replied 6 months ago.

Any questions? Is there anything else I can help you with today?