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07/08/2013

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Jena Ketchum

What if the provider and her spouse get divorced and the spouse keeps the home. How would this be handled if the ex-spouse later sells the home or lets it foreclose? If the home is foreclosed on, are taxes stilled owed? Would the provider pay taxes still or would the ex-spouse?

tom

In a divorce, the spouse who owned the house when it was sold would pay these taxes. Therefore, I recommend that in the divorce settlement, the spouse who doesn't get the home should pay for half of the taxes on depreciation claimed during the marriage. It's my understanding that the taxes would still be owed in a foreclosure, but check with a tax professional.

Clara Mooso

I was told last year that the law changed about the depreciation when you sell the home. Can you verify this info? Thanks

tom

The law did change in 1997. Before that time, it was much more difficult to avoid paying taxes on the profit on the sale of your home. But the rule on the tax on depreciation has been around for a long time and remains the same for 2013. Tell me more specifically what you heard.

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