For tax purposes, "bought me out" might be treated as the sale of your share of the home. The money (technically the capital gain on the sale, if any) from the sale of your primary home is not taxable (up to $250,000).
The standard requirement is that you must have owned and lived in the home 2 years, out of the last 5 years. But, divorce is an exception to the 2 year rule.
Whether this is a divorce settlement, home sale, or gift, there will be no income tax due; nor do you need to report it, on your tax return, unless you get some tax document (e.g. 1099-S)
