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robertlneely
New Member

Do i report the home sale if it was given to the ex in the settlement

 
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MiriamF
New Member

Do i report the home sale if it was given to the ex in the settlement

If the house was transferred to your ex, it counts as a gift of property from one spouse to another, not a sale. The basis remains the same as when you both owned it. You have nothing to report.

If your ex subsequently sold the house, it is not your sale, it is hers, and she needs to report it.

If you purchased the house in 2008 and got a First Time Homebuyer Credit, you are no longer responsible for repaying the credit. Your spouse assumes full responsibility for the remaining balance.

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2 Replies
MiriamF
New Member

Do i report the home sale if it was given to the ex in the settlement

If the house was transferred to your ex, it counts as a gift of property from one spouse to another, not a sale. The basis remains the same as when you both owned it. You have nothing to report.

If your ex subsequently sold the house, it is not your sale, it is hers, and she needs to report it.

If you purchased the house in 2008 and got a First Time Homebuyer Credit, you are no longer responsible for repaying the credit. Your spouse assumes full responsibility for the remaining balance.

Opus 17
Level 15

Do i report the home sale if it was given to the ex in the settlement

"If you purchased the house in 2008 and got a First Time Homebuyer Credit, you are no longer responsible for repaying the credit. Your spouse assumes full responsibility for the remaining balance."

While this is true, the taxpayer who transfers the home must report the transfer in the year it happened using form 5405 to assign the remaining credit balance to the other (ex) spouse.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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