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I paid my spouse 40k in a divorce to by her out of the equity in our home. The money came from the sale of mutual funds. Who is liable for the capital gains taxes?

 
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AnnetteB
Intuit Alumni

I paid my spouse 40k in a divorce to by her out of the equity in our home. The money came from the sale of mutual funds. Who is liable for the capital gains taxes?

It depends on who was the owner of the mutual funds.  If you were the owner of the funds, then you are responsible for the capital gains tax.

If they were jointly owned with you and your spouse, then you would be jointly liable for the capital gains tax.


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