I am trying to buy out my soon to be x-husband of his equity. Can I deduct realty fees and or closing costs?

Question

And how about his portion of the bills owed and attorney fees?

Answer 1

I'm assuming you mean that you're going to keep the house, want to pay him his half of the equity minus his half of what it would cost if you actually sold it?

Let's say you owe $100,000 on a house that's worth $150,000. At first glance, he should get $25,000 and you can keep the house....But that would not really be quite fair.

Fair would be to see what you'd get if you sold it. Let's say you sell for $150,000. Closing expenses, Realtor fees, etc. come out to about $12,500. (no, it's not exact, but we have to use a number). So if you both decided to sell, you'd get 150 - 100 - 12.5 = $37,500. His half, and the fair amount to give him would be half of the $37,500, so give him $18,750. ALSO, you need to refinance the house into your name only. The fees you incur to do that are yours alone. He does not share in these.

To be fair, his name needs to be off the mortgage. If you are not able to refinance into your name alone, the two of you should actually sell the property and each of you go buy whatever you can.

Ultimately, this is a question to be decided in court and outlined in the divorce decree.

Answer 2

THE ONLY WAY TO AVOID CLOSINGS COSTS IS WITH A "SELLER'S CONCESSION", IN WHICH THE SALE PRICE IS RAISED, BNY THE AMOUNT OF ESTIMATED CLOSING COSTS, AND THAT MONEY IS USED TO PAY CLOSING COSTS, BUT 6% IS USUALLY THE HIGHEST THAT LENDERS ALLOW YOU TO CONCEED. I DONT THINK THAT RAELTORS FEES CAN BE WAIVED, THEY ARE PART OF THE CONTRACT, AND THE P.A.S. AGREEMENT.

Answer 3

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