gift tax?????

[prttyldy]

My ex-husband has offered to pay the balance of the mortgage on my home (title in my name only) in leiu of child support payments. I live in California. The moneys will not transfer through my accounts at all....he will just pay off the mortgage. Will there be any tax liability on my part?

 

[loku]

Contract involving child support right.

The taxation of your transaction depends on the surrounding circumstances. For example, if there is an order or agreement of child support in existence, then depending on how the documents are written, this could be taxed differently than if there were no court orders or agreements in existence now.

Whatever the situation; however, I definitely advise you to have a lawyer, who knows income tax and Cal family law plan this for you. Doing it correctly could save a lot of problems later.