I recently ended things with my fiance in florida. we owned a house together, but i was never on the deed or the loan. we split the mortgage every month, and initially, i put down $10,000 and he put down $20,000.
we worked out an amount that i could comfortably walk away with so he could keep the house, but i could get some of the money out of the appreciation value. so i got 29,000. do i have to claim this, or is it considered a gift and if it is, will i be taxed on that? i no longer live in florida, i moved to vermont for the rest of 2005, and now i live in texas. if anyone has any help, that would be great. thanks!
we worked out an amount that i could comfortably walk away with so he could keep the house, but i could get some of the money out of the appreciation value. so i got 29,000. do i have to claim this, or is it considered a gift and if it is, will i be taxed on that? i no longer live in florida, i moved to vermont for the rest of 2005, and now i live in texas. if anyone has any help, that would be great. thanks!