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N
nojnof
May 13, 2023
Question

Home ownership

  • May 13, 2023
  • 2 replies
  • 0 views

I'd like to find out how this situation will affect my tax.  My ex and I purchased a home together.  Now that we are not together anymore, one of us will be the sole owner.  Both of our names are on the deed.  Let's say now my partner refinances the loan, and my partner will be the sole owner and the only one to occupy the home.  Do I have to report to the IRS?  Will I need to pay any taxes?

    2 replies

    X
    xmasbaby0
    Employee
    May 13, 2023

    Did your ex-partner pay you for your share of the house?  Did money change hands?   Please explain.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    N
    nojnofAuthor
    May 13, 2023

    There's no money exchanged.  Basically, I give up my portion of the equity.  Certainly, I could ask my ex to give me some money; how would that complicate my taxes?  I'm also curious to know for that scenario.  Thanks.

    N
    NCPERSON1
    May 13, 2023

    you have used the word 'ex' and 'partner', but nver "spouse".

     

    were you two married and now divoriced? or never married? 

    M
    Mike9241
    May 15, 2023

    since you are divorced didn't the settlement mention the property? 

    N
    NCPERSON1
    May 15, 2023

    @Mike9241 - I assumed by 'not married" and using the terms "partner" infers (maybe incorrectly) that they were never married.......

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