The divorce decree stated that the residence must be sold and after all expenses including any mortgage was full paid the proceeds were divided between both parties.
2007-02-13 04:27:21 · 5 answers · asked by Gomez 1 in Family & Relationships ➔ Marriage & Divorce
Well consult a tax attorney, but currently capital gains on a house owned for more than 2 years do not need to be reported unless the PROFIT (not sale price) exceeds $500,000.
If that's the case, you can certainly afford to hire a CPA.
2007-02-13 04:30:27 · answer #1 · answered by fucose_man 5 · 0⤊ 0⤋
first off yes they are did u file a joint return that year? if so it is easier because at the same time you both pay the taxes otherwise you must both be responsible civil adults and arrange payment of the taxes anytime a house is sold with a profit you must pay taxes on the profit now there is good news is that you can claim the cost of your divorce attorneys as a deduction on your taxes under legal fees by the way i am a certified cpa good luck
2007-02-13 04:35:33 · answer #2 · answered by Mark R 3 · 0⤊ 0⤋
Yes, UNLESS you reinvest in another house.
2007-02-13 04:30:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
do what the divorce degree says
2007-02-17 04:09:54 · answer #4 · answered by sweetgranny06 7 · 0⤊ 0⤋
yes
2007-02-13 04:29:57 · answer #5 · answered by abc 7 · 0⤊ 0⤋