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Old 02-05-2015, 05:32 PM
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1099s

Received 1099s with ex spouse's ss#. Since I received the proceeds from sale I am filing the sale of home form. How will this impact spouse's return?



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Old 02-05-2015, 09:39 PM
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Originally Posted by slimjim60 View Post
Received 1099s with ex spouse's ss#. Since I received the proceeds from sale I am filing the sale of home form. How will this impact spouse's return?
as you can see, before selling the home, you'll probably need the permission of all its legal owners, including any ex-spouses.aslongas you are selling a house that was part of your marital property and your ex-spouse still has a financial interest in, the terms and conditions of the transaction, its settlement and the tax consequences should already have been included in the final divorce agreement.



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Old 02-06-2015, 12:53 AM
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1099s

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Originally Posted by Wnhough View Post
as you can see, before selling the home, you'll probably need the permission of all its legal owners, including any ex-spouses.aslongas you are selling a house that was part of your marital property and your ex-spouse still has a financial interest in, the terms and conditions of the transaction, its settlement and the tax consequences should already have been included in the final divorce agreement.
.

Everything was spelled out in divorce decree that I would receive proceeds from the sale of the home which I am reporting. My concern is that my former spouse would get a notice of non reporting or penalty given the 1099S has spouse ss# but both our names. It was sent to my new address. Do I need to alert spouse or IRS with how it will be reported?



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Old 02-06-2015, 02:21 AM
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Originally Posted by slimjim60 View Post
.

Everything was spelled out in divorce decree that I would receive proceeds from the sale of the home which I am reporting. My concern is that my former spouse would get a notice of non reporting or penalty given the 1099S has spouse ss# but both our names. It was sent to my new address. Do I need to alert spouse or IRS with how it will be reported?
SO IN YOUR divorce , the deed to the jointly owned house was
given to YOU, ALSO the decree did not require you to pay a certain amount to your
ex-spouse on sale of the house.since you sell the family home during or after a divorce, you/your ex probably won't have to pay capital gains tax.. In general, transfers of property between divorcing spouses are nontaxable.But there are circumstances where the capital gains tax—a tax on profits from sales of property where the gains exceed a certain amount—does apply to transfers that are made as part of your divorce.If you sell your principal house, you and your spouse can each exclude the first $250,000 of gain from your taxable income. you can contact the irs for sure.



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