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Get your taxes done using TurboTax
Thank you Helen for responding!
Here is a little more information to help you get a better idea of what my situation is:
Some years after my ex-wife bought a home, I gave her a sum of money to pay down her mortgage balance and she then refinanced her property. I took a minority equity interest in the property and was on title. She occupied it, I never did. I was not on her loan and I did not pay any homeownership costs like property taxes, HOA dues, etc., I just had a minority equity interest in the property of 29.69%.
My investment in her property was $102,200. My net proceeds at closing were $94,277.40. The Title Company sent me a 1099-S in the amount of $170,717.50 or 29.69% of the selling price of the home which was $575,000.
Any advice would be greatly appreciated. I would gladly compensate you for your time!
Sincerely,
Marcus