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Can I claim a loss due to a property transfer during divorce, later sold. I gave house to my ex in divorce, even though pre- marriage asset. Mortgages stayed in my name
I gave my pregmaritable house to my ex in divorce. We had a verbal agreement to split proceeds if ever sold. Mortgages remained in my name. He just sold and took entire proceeds, since eI paid $75000 down, can I take a loss?
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June 5, 2019
4:00 PM
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Deductions & credits
No the loss on a personal residence is not deductible. You need to take him to court and try to get the verbal agreement enforced ... good luck.
June 5, 2019
4:00 PM
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Deductions & credits
No; the loss on the sale of a personal residence, or other personal use property, is not deductible. The question of who actually sold the property is not important since neither of you can claim a loss.
If there was a gain, on the sale, tax reporting would get a little sticky and would best handled by cooperation. But, so did the sharing of the proceeds. But, unlike the sharing of proceeds question, there is a way to report the gain without getting the courts involved (the IRS might still have to act a judge).
June 5, 2019
4:00 PM