Results 1 to 3 of 3

Hybrid View

  1. #1
    Join Date
    Apr 2005
    Location
    USA
    Posts
    10

    Default Cash for equity in home.

    My brother recently divorced. Although he owned the home before the marriage, and he paid all the mortgage payments during the marriage. was ordered to give her 15 thousand dollars for her equity in the house because she lived there for 8 years in addition to one hundred thirty dollars a week child support.

    I know the child support is not tax deductable, wouldn't he be able to count the 15 thousand he gave her by check as a tax deductable alimony?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Payment for Equity in House

    It depends upon how the divorce judgment and settlement were structured. From what you have stated, the payment toward the equity was part of the property settlement, which is not alimony. If, however, it was instead defined as a payment of alimony in gross, he might be able to claim a deduction.

  3. #3
    Join Date
    Apr 2005
    Location
    USA
    Posts
    10

    Default stated in the decree

    I don't know if this makes any difference or not...In his divorce decree it states he has 90 days to pay her the 15 thousand dollars and "the purpose of the payment is to provide a residence for her and the minor child."

    1. Sponsored Links
       

Similar Threads

  1. Divorce: Home Equity Division in Divorce
    By rjgrissmer in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 09-07-2010, 10:41 AM
  2. Divorce: Wife Take All Home Equity from Home Before Filing for Divorce
    By mezzer in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 11-06-2009, 07:41 AM
  3. Fraud: Home Equity Fraud
    By Landsey in forum Criminal Charges
    Replies: 1
    Last Post: 10-05-2008, 06:40 PM
  4. Chapter 7: Home Equity Loan Was Discharged - Do I Still Have To Pay?
    By sisterwolf in forum Bankruptcy Law
    Replies: 2
    Last Post: 03-26-2008, 10:35 AM
  5. How soon can you refinance after a home equity loan
    By mvmunro in forum Buying, Selling and Conveying Real Estate
    Replies: 2
    Last Post: 08-11-2006, 05:03 PM
 
 
Sponsored Links

Legal Help, Information and Resources