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Taxes from sale of home - divorce related

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jennigb524

Junior Member
What is the name of your state? NC

A friend of mine is letting his soon to be ex wife buy his half of their home. She is supposed to pay him about $20,000 by the end of this year. Will he have to pay taxes on this since it's in a divorce agreement. Thanks for any help in advance.
 


LdiJ

LdiJ

Senior Member
jennigb524 said:
What is the name of your state? NC

A friend of mine is letting his soon to be ex wife buy his half of their home. She is supposed to pay him about $20,000 by the end of this year. Will he have to pay taxes on this since it's in a divorce agreement. Thanks for any help in advance.
Click to expand...
No, he won't have to pay any taxes on it but not necessarily because its part of a divorce agreement. There wouldn't have been any taxes on it anyway, because its well under the 250k exclusion for gain in the sale of a personal residence.
 
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