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Level 1

Question

deed transfer and purchase

Forum|Forum|4 years ago
January 26, 2022
1 reply
15 views

My husband and I owned a piece of land. We divorced in 2021. I purchased his share of the property for an agreed upon amount. We did it as a deed transfer. Does he have to pay taxes on the income and/or count this as capital gains? Moving forward how do I calculate the cost basis for my taxes down the road?

Level 15

Yes, he would report his share that you purchased as investment income on his tax return. This would be computed as a capital gains tax. Your basis will be calculated by adding the basis of your share you already owned plus the purchase price of your husband's share that you purchased.

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