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lostSoul
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Reged: 10/09/06
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tax consequences of selling home and RE investment

#155302 - 10/09/06 02:04 PM

My husband and I are talking about filing the divorce paper (California) in the next few weeks. This is a friendly divorce so we are not using an attorney. We heard that we will need to file our tax as singles separately in 2007 given that our divorce will finalize in mid 2007 (takes 6 months after filing). If this is true, how can we (or can we) -

1) report our $500k tax exclusion from the sales of our primary home as a married couple (if the sales transaction completed before our divorce finalize in mid 2007)? half gain on my 2007 individual tax return and half on my husband's?
2) what if we can't complete the sales transaction of our home until after our divorce is finalized? say we can't close the sales of our home until 2008? can we still claim the $500k tax exclusion as married couple due to the fact that we sell the home b/c of our divorce?
3) for our investment properties (rentals), we are planning to deed some joint properties to my name and some to my husband's name before our divorce is finalized by mid 2007 (after filing the divorce paper), are these transfers taxable events?
4) there maybe 2 rental properties that we will have to sell in early 2007. These 2 properties are under both of our names with only my husband's name on the loan (so the lenders report interest to IRS under my husband's SS#). Can we report the gains ONLY on my 2007 individual tax return (as single) but not on my husband's? what if we deed these 2 properties to my name before we sell them, would that make it more legitimate to report gains on my 2007 individual tax return but not on my husband's?
5) Will all the above-mentioned transactions need to be completed before our divorce is finalized in mid 2007?

Any help or suggestion will be highly appreciated!!! PLEASE HELP!!! It is so hard to think straight and plan right when we are suffering emotionally. We are trying our best to suffer less financially ...

THANK YOU VERY MUCH IN ADVANCE!!!

Sincerely,
LostSoul

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