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Divorce Issues/taxes on proceeds from sale of house

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Expert: Equality in Marriage Institute - 6/29/2005


Question
We recently sold our house, we have not received final divorce decree.  There was $27k left over, minus $1500 in closing cost.  I understand the proceed will be split accoring to decree.  Will we have to pay taxes on the proceeds?  Wife ran a small business from house, I don't know if she claimed house for expenses.  

Answer
Dear David,
The best professional to ask would be a tax consultant/ accountant. You may also get your answer for free from the IRS themselves. They have a publication on Divorce and Taxes that you can download form their site. I bet they have the answer there.
I hope this helps.

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