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1099 payout?

We divorced in 2010, I've continued to live in the house to present time, he hasn't live here since 2009. I refinanced the house taking his name off the loan and deed and paying him through escrow his portion. will he get at 1099 and have to pay taxes on the amount I paid him for his portion?

6 Answers

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  • Judy
    Lv 7
    2 years ago

    no

  • Anonymous
    2 years ago

    A 1099 is USA. The divorce settlement apparently had you living in the home, and your husband still half-owner.

    You could not take his name off the deed unless he agreed by signing it over to you. I have to assume he wanted money. The refinancing should have paid your ex-husband off for his share that you both agreed to. He does his own taxes based on sale of half a home. Refinanced in your name and title deed in your name and your ex is no longer involved.

    Something seems wrong in the question.

  • ?
    Lv 7
    2 years ago

    Sorry to disagree the other answers I've seen but I think you would need a 1099, if he had a capital gain on this. From your point of view you refinanced the loan and incurred debt but from his point of view you bought out his half of the equity and this would be a taxable event if he made money on it.

    I'mn ot at all sure about this answer, you'd better check with a tax advisor or possibly repost this in the tax section (or maybe someone else will just give a really good answer here) but it sure sounds like a taxable event to me - from his point of view, not yours.

  • Eva
    Lv 7
    2 years ago

    No. Property settlements between divorced spouses are non-taxable.

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  • ?
    Lv 7
    2 years ago

    No, as it is not income, it is equity he already had.

  • ?
    Lv 7
    2 years ago

    Divorce settlements aren't taxable events.

    If you sell the house at a taxable gain, it's all yours.

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