Thank you for the reply. Sorry I left out information. I have an appointment to see an accountant but I'll just fill in some blanks in case it helps any.
Yes, the ownership of the home changed from joint (myself and spouse) to just myself when we refinanced in 2020.
We purchase the house in 2011 for 750k
With the sale of our previous residence, our mortgage was about 400k
We divorced in 2017 but lived together for at least 2 out of the 4 years. I was paying the mortgage the whole time. In the decree, we agreed to split the equity when the house was sold (or when one of us bought the other out). That's where the $250K comes from. Interest rates dropped last year so I decided it was a good time to purchase or try and buy her out .
Sounds like I'd have to calculate the interest on the original mortgage (acquisition dept) and just deduct that interest. Have to remember to refi at the end of the year next time.
Thanks for all the info. We'll see what the accountant figures out this week.
