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We are divorcing, my husband is keeping the house and refinanacing

and I will be getting...
We are divorcing, my husband is keeping the house and refinanacing and I will be getting $25,000 in equity. Is this considered income or would I have to pay a sales tax?
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Answered in 3 hours by:
8/12/2010
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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Because this is a part of the divorce settlement, it is not considered income of any kind to you. You will not have to report it or pay sales tax, income tax, or any other type of tax related to this transaction.

 

jon

Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Verified
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