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re: OT tax question....
Posted on 2/12/15 at 3:50 pm to Poodlebrain
Posted on 2/12/15 at 3:50 pm to Poodlebrain
quote:
That person will have gotten 50% of the benefit of the deduction for the depreciation, but that person will bear 100% of the burden for all depreciation recapture, and the lower adjusted basis resulting from the depreciation.
I have a new client that was referred to me in December 2014. Very similar situation. Divorce finalized in March 2014. Two houses. One personal residence one rental property. Apparently the husband (who is now client) wanted to sell both houses before divorce was final, split the cash, and move on. Wife refused saying she did not want to be involved in "any transaction" with him. Husband did not push issue. Husband ended up with rental property. One month after divorce is finalized, husband sells rental property. Pretty significant gain.
Had to tell him the bad news. Attorney screwed that one up. Also told him it's unfortunate ex-wife didn't die a week before divorce was finalized, as he would have gotten step up in basis. He laughed.
1
Posted on 2/12/15 at 7:29 pm to LSUFanHouston
She is the one who transferred the income producing property to me which I then moved into. Vpublication 504 indicates she would claim the income, gain or loss during the time rented. I continue to live in the house; have not sold it so have not realized any gains from sale.
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