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Divorce and Joint House Ownership

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  • 08-03-2017, 10:18 AM
    liqcrysh
    Divorce and Joint House Ownership
    My question involves a marriage in the state of New York. My ex-wife and I divorced several monthes ago and still co-own a house. She is now buying me out for the amount stipulated in our divorce agreement. Is this income that I must pay taxes upon? Thanks very much.
  • 08-03-2017, 10:22 AM
    llworking
    Re: Divorce and Joint House Ownership
    Quote:

    Quoting liqcrysh
    View Post
    My question involves a marriage in the state of New York. My ex-wife and I divorced several monthes ago and still co-own a house. She is now buying me out for the amount stipulated in our divorce agreement. Is this income that I must pay taxes upon? Thanks very much.

    No, its a division of marital assets and therefore its not taxable income. However, even if it was an ordinary sale, you would be entitled to a capital gains exclusion of 250k anyway because it was your primary residence and you only moved out due to the divorce.
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