QUESTION: As a result of a divorce order, I need to pay my ex-husband 40% of
the value of my home, which is my principal residence, in my name only. He
has not lived in the home for 8 years. Can I write off my payment to him?
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david ingram replies:
It is too bad that you did not get the property settlement over much sooner.
The house likely came close to doubling since he left and although it is
hard to fathom sometimes, you would have been better giving him "60%" 8
years ago then 40% now.
And the bad news is that it is a lump sum property settlement and not
deductible to you or taxable to him. That is generally true in every
jurisdiction that I know of.
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