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Last year I sold a listing
Mountain neighborhood that
was being sold because of a divorce. Now, the fact that
it was a
partially what lead to the problem that I got the call on today. You
couple had equity in their home, they had owned their home 23 years and
never refinanced, so they really weren’t hit by the local slide in real
Well, at close all the
in to an escrow account
for them to fight it out in court who got what and for how much. (You
besides the house, they were also fighting over everything including
furniture. But, despite that battle title had to issue each of them a
stating at the time of close as far as title was concerned it was all
split 50/50 and that is what each 1099 would show.
At the closing table they
by me and then again by
the escrow officer that since this was going in to an escrow account
lawyers and when it finally goes to court that it may not end up a
situation, they would in the end need to report the
correct amount to
or they could be over or under billed for the 2009 tax year.
Well, here it is May 2010
and I get a
call from the ex-wife
stating she is being audited because the amount she reported she got is
different than what they feel she owed on. You see, she
took the 1099
the title company and turned that in with her taxes, which normally
been the correct thing to do. The only problem is that in the divorce
ended up with 83% of the assists from the house which ended up giving
bigger tax burden.
Now, this wouldn’t have
been so bad,
but the husband when he
filed his taxes as a single person for 2009, he used the
ex-wife filled using the old amount. (Basically shorting the government
they were owed) An honest mistake, but not one the government tends to
look or understand when you try to explain it to them.
Unfortunately, she will
end up with
not only an additional
amount of tax owed, but she is will also be being hit with additional
you are in a situation
that the money from the sale of your house is being split, make sure
changes in that split are reported to the IRS or you to could find
the IRS office writing a big check if they catch it like they did here.
Todd Clark - Broker / Sales Coach
All Brokers Real Estate
Homes for Sale,
Beaverton OR homes for sale, homes for sale in zip code, 97006, 97007,
97008, 97005, 97223, 97224, 97124, 97123, Beaverton Oregon Realtor,
Beaverton OR Realtor, Beaverton Oregon MLS Search, Beaverton OR MLS
Search, 1st time home buying expert, short sale expert, avoiding
foreclosure in beaverton, helping families home, LivingBeaverton,
Townhomes for sale, home for sale, house for sale, Merlo Station, Hart
Neighborhood, Greenway Neighorborhood, Sexton Mountain Neighborhood,
Aloha Neighborhood, Lexington Neighborhood, Cooper Mountain
neighborhood, Sorrento neighborhood, Murrayhill Neighborhood. Beaverton
Oregon Real Estate, Beaverton OR real estate, Todd Clark,
(503)524-9494, WWW.LivingBeaverton.com, www.IFoundYourNewHome.com,
I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.
What if there was a way you could search the MLS for FREE just like Realtors
Now you can access the MLS using similar tools as Realtors. You are in control of what you want to search for, and you can search the MLS at your leisure. The information you submit in the form below can also be used to put you on an automated system where you'll be emailed all homes that meet your search criteria. You'll get internet access to a website that includes pictures, prices, and addresses to real estate that's listed in the MLS!
Helping Families Home is a blog set up to help families find that perfect home for them. I have a family and I understand how hard it can be to find a home that everyone is happy with. Let me help you find that home and help your family home.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.