When one spouse purchase half home ownership from another one. what are .tax implications?

[Curious]

A legally separated couple jointly owns a house worth 120k. It was there agreement that one spouse can pay 60k and get the full ownership. But if they do so ....in this case what will be tax implications to each spouse...one is receiving money and other is getting full ownership of the house? 

[RichardG · Accepted solution]

Generally, no gain or loss is recognized on a transfer of property from an individual to (or in trust for the benefit of) a spouse, or if incident to a divorce, a former spouse. This nonrecognition rule doesn’t apply in the following situations.

• The recipient spouse or former spouse is a nonresident alien.

• Property is transferred in trust and liability exceeds basis. Gain must be recognized to the extent the amount of the liabilities assumed by the trust, plus any liabilities on the property, exceed the adjusted basis of the property.

[Curious]

Thanks ...how come you know so  much and so fast and yet free? Thanks again.