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04-04-2008, 01:15 PM
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#1 |
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Registered User
Join Date: Mar 2008
Posts: 2
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"Buy-Out" due to separation
In 2007 I refinanced house in my name only to "buy-out" my partner ($65K). Wondering how this affects my deductions?? Are the $65K considered a loss to me??? Lastly, eventhough I refinanced, is this technically considered a home purchase since I put everything in my name and went through the typical escrow process? Thanks!
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04-05-2008, 12:00 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Lizhelp,
You purchase the other half of the house for $65,000. Your basis in the hous is now $65,000 plus what you originally paid. There is no loss today. You would need to sell the home for less than your basis to have a loss. Our home is considered personal property and as such we can not claim a loss for tax purposes. You may have some Schedule A Deductions because you refinanced the mortgage. |
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