Tax liability for taking equity from home.


D

Dataminor2

divorce decree stipulates I get lump sum equity ($70,000) from joint
property. What are the tax ramifications? I intend to buy a house
within 6 months. Cash is coming from 1st mortgage placed on the first
house. Any help would be greatly appreciated.
 
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P

Paul Thomas

Dataminor2 said:
divorce decree stipulates I get lump sum equity ($70,000)
from joint property. What are the tax ramifications?

None. A division of marital assets does not create any tax implications.



It doesn't matter what you do after the split.
 
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D

Dataminor2

None. A division of marital assets does not create any tax implications.

It doesn't matter what you do after the split.
Thank you for the quick response.
 

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