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  1. #1
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    Aug 2017
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    Default 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.

  2. #2
    Join Date
    Oct 2006
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    Default Re: Divorce and Joint House Ownership

    Quote Quoting liqcrysh
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    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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