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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?

taxman42
Level 3

Can this be transferred to exwifes name?

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IRonMaN
Level 15

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


Slava Ukraini!

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9 Comments 9
IRonMaN
Level 15

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


Slava Ukraini!
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garman22
Level 13
Level 13
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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IRonMaN
Level 15
Both of them were on the hook for the debt, he is screwed.

Slava Ukraini!
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garman22
Level 13
Level 13
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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IRonMaN
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.

Slava Ukraini!
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garman22
Level 13
Level 13
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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garman22
Level 13
Level 13

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

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IRonMaN
Level 15
I like that answer better than the first one :wink::wink:

Slava Ukraini!
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garman22
Level 13
Level 13
hahaha....i realized my answer could very well be wrong. :smile::smile:
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