Tax Tips for Divorcing Homeowners
February 4th, 2015 Categories: For Sellers, Random Thoughts
If you’re getting divorced, your home may be the biggest asset you’ll have to divide with your soon-to-be ex. As you decide whether to sell it and split the proceeds or let one spouse live there until the last kid launches, remember there’s often a third party involved in your home sale transaction: Uncle Sam.
Keeping, selling, or continuing to share your home can each create different federal tax tabs for you and your ex-spouse. Here’s a look at the tax consequences for six of the most common situations divorcing couples face.
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