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pdf1226
New Member

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?

2 Replies
Critter
Level 15

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

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.
Hal_Al
Level 15

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

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).

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