Managing property during a divorce

[PVillage]

My divorce was finalized in 09/2021. we had 4 rental homes that got divided by decree plus a martial home. All four homes and bank notes are under my name solely.  I am planning to file under divorce status. She was awarded the marital home and one of the rentals. I kept two and one was convey back to her family (transferred) there had not been any gains or losses relative to sales or any of that. how are interest and taxes on this properties handled for the 2021 filing?

thanks. 

[bosso3]

1) I recommend reading IRS Publication 504 Divorced or Separated Individuals.

2) If you are unmarried, your filing status is likely Single.

3) Check your Divorce Settlement Judgement, or your attorney,  for any directions on how Taxes are to be handled.

4) If the interest and taxes are not described in the Judgement, how you handle it may vary depending upon whether or not you live in a marital property state, and possibly upon which state(s) the various properties are in, and how your ex-spouse plans to handle this issue.  If you are in a marital property state and all the properties are in that same state, the interest and taxes during the time of your marriage are likely split 50%-50% between you and your spouse. 

If not, I do not know the answer. 

In either case, I suggest you coordinate with your ex-spouse, and your attorney if needed.

5) For the time after your divorce, it is likely that you are each responsible for the property (and interest and taxes) you owned during that time.

6) If the properties and loans are still all in your name, I think you need more help than I can provide.

[ColeenD3]

You said, "one was convey back to her family (transferred)". What does this mean? Was it a gift?

If the deeds and mortgages are in your name only and you paid the amounts, you claim the expenses. Please see this LINK for a deeper discussion of the topic.

[Critter-3]

I highly recommend you seek local professional assistance for this year's return as this is not a simple procedure  and the TT DIY program will not handle it automatically ... you will need to do some math yourself and use the FORMS mode in the downloaded program to make the entries.  Put yourself on extension and seek professional assistance this year.