divorces, exchange of QD and tax consecvences

divorces, exchange of QD and tax consecvences

Los Angeles, CA · Member since 2016 · 10 posts · 2 votes

Warm greetings to  Everybody

Please do not tell me I need to talk to CPA.

I already have, not much help, I will keep trying.

My situation is really a little bit unusual.

I decided to crack in pieces, and maybe someone can put some light on it.

Tax consequences?

Property bought in 1996

2000 years ago uncontested divorce.

Property 50/50, I live there, in case of sale parties have to be both happy about it.

Because ex did not fulfill another obligation (savings divisions), he wrote a few more QD.

He even wrote QD to my second husband.

Almost 10 years later I went to court, quiet title. (2008?)

My interest 64%, rest between two husbands.

Next thing, second divorce.

(please forgive me)

next, I quit deed all my interest in property to my second ex. ( I guess it was 2009).

He was renting the condo since 2010.

I left the country of the USA the same year, so far did not go back yet.

In 2011 my second ex wrote QD back to me, I did not register this deed till 2016.

In 2016 I did register the deed and pay off my first husband. (the lawyer took care of everything

I only send him the deed and check)

It was 33k and something, based on an appraisal from the year of quiet title  (2008, 300k)

Now I am already an older person and I want to sell really as soon as possible,

the condo is rented and income compared to present value is an insult.

I know the story is the story of human stupidity, and too long, my apology.

What I really please let me help to know is:

What are the tax consequences of this exchange of gifts 

from me to my second ex and from him back to me?

thanks, much eva

0Reply
18 views

2 Replies

Jump to latestLatest
  • Los Angeles, CA · Member since 2016 · 10 posts · 2 votes
    4y

    oops

    I am not so old, in the year 2000, 20 years ago was my 1st divorse

  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    4y

    If you spoke to a CPA and didn't get a proper answer is either because of one of the following
    1) You got a free consultation and they didn't go into the details as that is out of the scope of a free consultation
    2) You chose a wrong CPA to work with

    An appraisal that shows a higher value than what was paid(basis) has no impact on what the new basis is as a result of divorce / transfer.

    The fact that the property is currently rented means that there must be a basis calculated for determining depreciation. I would ask who is doing your current return as to what the current basis is.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.