Home Sale, Divorce Quit Claim and Taxes

08-16-2005, 12:55 PM

maxmasters maxmasters is offline

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Join Date: Aug 2005

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Home Sale, Divorce Quit Claim and Taxes

What is the name of your state?
California
I seached all the postings and was unable to find an answer to my question (I hate when it's already there and someone asks again..hope i'm not doing that).
I purchased my home in 1989, got divorced in 1992, and a part of my divorce decree was that my EX-wife quit claimed my home to me for a set dollar amount. Is that amount I paid her for the quit claim action tax deductible in any way in figuring the basis of my home's value when doing my income taxes in the applicable year that I sell my home??? Thankd you for the info in advance..
MAX

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