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11-05-2008, 07:06 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 3
| | | Taxes On Proceeds of Home Sale Questions
What is the name of your state (only U.S. law)? Wisconsin
Hello,
My family was living with my mother in law who passed away not too long ago. My wife and mother in law retained an attorny to file a transfer upon death dead for the house. My wife now wants a divorce and the house is up for sale. My soon to be ex wife is giving me some of the money from the sale of the house which she enhirited for the purchase of a house for myself as I will be keeping my children. My question is; what if any tax will I be forced to pay on the money or due to the fact that it came from a sale of a home and will be used to purchase a home how long do I have to do this?? There is apparently a four month waiting period before the divorce will be finalized and she wants to move out of the state before that happens, however; the mortage company tells me that I have to wait untill it is finalizd to get a new mortgage. Thanks for the time, Gforce598  |
11-05-2008, 07:18 PM
| | Member | | Join Date: Mar 2002 Location: oregon
Posts: 667
| | | How much is she going to give you? There probably won't be any tax due for you. |
11-05-2008, 09:06 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 3
| | | Taxes On Proceeds of Home Sale
The total after everything is said and done would be 25,000. The divoce would not be final until sometime in Feb. and we have a offer coming on the house this week  |
11-05-2008, 10:14 PM
| | Member | | Join Date: Mar 2002 Location: oregon
Posts: 667
| | | Have her give you the money before you are divorced. There should be no taxes involved even if you decide not to buy a house. |
11-05-2008, 11:22 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 3
| | | Taxes
I hope that will do it. I know I have to wait on the new mortgage but just was a bit worried about paying the tax on 25,000 and having way less to put down on new place then I would like to. If you have any links to info regarding this I would be very appreciative. Thanks much, Gforce598  |
11-05-2008, 11:43 PM
| | Member | | Join Date: Mar 2002 Location: oregon
Posts: 667
| | | Your wife (soon to be ex-wife) can share her assets with you, her husband, without any taxable obligation.
"Gifts to Your Spouse
Except for the gifts described below, you do not need to enter any of your gifts to your spouse on Schedule A."
"Generally, all of the gifts you made to your spouse (that are required to be listed, as described earlier), to your children, and to charitable organizations are not subject to the GST tax "
[url=http://www.irs.gov/instructions/i709/ch02.html]Instructions for Form 709 (2007)[/url] | |
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