Capital gain taxes for quit claim.
My wife and I are getting a divorce.
Instead of selling the house outright she
will buy me out and I will sign a quit claim.
Will my payment from her be considered a
capital gain or will I have to pay taxes on
the money received?
I purchased a home in South Carolina. I am on the Note and Mortgage. I added my husband’s name to the Mortgage because I am disabled and am not well. In the event that something happenes to me, he would be listed on the property. I have made all the payments with my income and my personal funds. Unfortunately, he has just received notification from the IRS and they have placed his tax liens on my property.
My question is, since he is only on the Mortgage and has never paid any of the payments, is there any recourse that I have with the IRS as far as them placing these liens on my home? Can I have the liens removed? Would a quit claim be an option?
Any advice would be greatly appreciated.
Unfiled tax return for deceased mother
After my mother’s recent death, it was discovered she had not filed a personal income tax return for 10 years. She had the mistaken belief that one did not need to file a return after the age of 70. The trustee of her living trust also did not file a return for her, dispite having durable power of attorney. How do I as coexecutor of her estate solve this problem?