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real estate depreciation question with divorce
Posted on 6/5/24 at 5:54 pm
Posted on 6/5/24 at 5:54 pm
I will consult a pro eventually, just trying to get an idea of what's coming.
Until today, my ex and I owned a house that we rented out, and it has been depreciated for tax purposes since then. Today, we agreed to a community property settlement. I will pay off the loan and also give her money for her share, I get the house. I am paying her less than the fair value of her share, because when everything was added up, she owed me. A few numbers
purchase price - 197k
current loan amount - 115k
appraised value - 379k
what I owe her - 90k (42k short of her full share of the profit, due to her owing me about 42k)
What happens for my taxes as far as depreciation?
Until today, my ex and I owned a house that we rented out, and it has been depreciated for tax purposes since then. Today, we agreed to a community property settlement. I will pay off the loan and also give her money for her share, I get the house. I am paying her less than the fair value of her share, because when everything was added up, she owed me. A few numbers
purchase price - 197k
current loan amount - 115k
appraised value - 379k
what I owe her - 90k (42k short of her full share of the profit, due to her owing me about 42k)
What happens for my taxes as far as depreciation?
2
Posted on 6/5/24 at 9:10 pm to SpidermanTUba
quote:
What happens for my taxes as far as depreciation?
My guess is your share isn’t impacted in a negative way at alll. Your ex is the one who may have realized a gain in the property now and has possible depreciation recapture problems. Your basis would have gone up, if anything.
Posted on 6/6/24 at 6:01 am to SpidermanTUba
quote:
ex and I owned a house
quote:
current loan amount - 115k
…scratching head. Some continue to not understand what ownership is.
This post was edited on 6/6/24 at 6:39 am
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