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Client been divorced for 14 yrs. Exwife received house but never took his name off mortgage. He recieved a 1099C for 50.000.00 and box checked he is liably responsible?

Level 2

Can this be transferred to exwifes name?

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Level 15

He is just as screwed this week as he was last week when you asked.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

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9 Replies 9
Level 15

He is just as screwed this week as he was last week when you asked.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.

View solution in original post

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Level 11
Level 11
Im not so sure here. If he has been out of the house......but now that you mention "Liable"........was ex on mortgage as well?
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Level 15
Both of them were on the hook for the debt, he is screwed.
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 11
Level 11
If taxpayer was out of home for 14 years and divorce decree stated wife owned.....could you not back it out on 1040? Or....are they both popped?
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Level 15
He signed on the dotted line for the debt.  That leaves him on the hook with the IRS.  Can he go back to court and try to collect his pain from her because she didn't honor her side of the deal is a different story.  And who knows, maybe she tried to get his name off but the bank didn't want to because she might stop making the payments.  Looks like the bank was right.
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 11
Level 11
I might have taken the approach that if wife claims the debt, it would take the ex off the hook. But if she plays hard ball......I agree. I seem to remember doing something similar with cousins and backing out on one and claiming the debt on the other.

As always, my friend...I appreciate the knowledge.
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Level 11
Level 11

................

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Level 15
I like that answer better than the first one :wink::wink:
ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 11
Level 11
hahaha....i realized my answer could very well be wrong. :smile::smile:
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