Legal Question in Tax Law in California

Capital gain taxes for quit claim.

My wife and I are getting a divorce.

Instead of selling the house outright she

will buy me out and I will sign a quit claim.

Will my payment from her be considered a

capital gain or will I have to pay taxes on

the money received?


Asked on 11/16/06, 12:38 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Capital gain taxes for quit claim.

see:

http://www.irs.gov/pub/irs-pdf/p504.pdf

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Answered on 11/17/06, 9:04 am


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