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I gave my house to my ex when we broke up. She refinanced it into her name. I made no money off of it

 
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Fern
New Member

I gave my house to my ex when we broke up. She refinanced it into her name. I made no money off of it

You do not have to report a sale on the house, because you do not have a gain on the sale of the home. 

If the value of your basis in the house was more than $14,000, you will need to keep track of this transaction as a gift because it will reduce the total of your lifetime estate tax exemption. The lifetime gift tax exemption is $5.43 million.

See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/... for more information on Gift Taxes.





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1 Reply
Fern
New Member

I gave my house to my ex when we broke up. She refinanced it into her name. I made no money off of it

You do not have to report a sale on the house, because you do not have a gain on the sale of the home. 

If the value of your basis in the house was more than $14,000, you will need to keep track of this transaction as a gift because it will reduce the total of your lifetime estate tax exemption. The lifetime gift tax exemption is $5.43 million.

See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/... for more information on Gift Taxes.





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