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Aug 21
2008
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Hey all,
Just an update, my wife looks to be going ahead with the divorce which is killing me.
I have a question, her parents have offered me a sum of money to buy me out of the house ...it is alot less than am owed but will enable me to put a deposit down on another small house maybe which would allow my beautiful children then to visit and even stay over but will I get taxed on this money ??
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downbutnotout
said:
| August 21, 2008 | ||
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I assume that her parents will loan her the money to pay you an agreed lump sum connected to the divorce. In which case ...no, there is no tax due on that money. No income tax cos its not income. No capital gains tax - so long as the house has been your main residence. But one question......how have you determine how much you are owed??? Did you get legal advice as to your likely financial entitlement on divorce? |
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hatemyself
said:
| August 21, 2008 | ||
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she has seen a solicitor and has gone on the equity in the house which is alot as we bought it and did it up , she has gone on 70%/ 30% but even at that her parents have offered me alot less... but got no choice really as I am not a big earner and really want to buy somewhere half decent so kids can visit ( am at my parents at the minute) | |
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fitbird
said:
| August 21, 2008 | ||
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I wouldn't rush, her sol will push it to get her the best deal, you have to see one to to find out impartially what is fair or you'll get tucked right up. Also if you buy a property before financial are sorted won't it be taken into account. Hang in there:-) | |
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hatemyself
said:
| August 21, 2008 | ||
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thanks fitbird, I would hang on for years if thought there was a slight chance that things could get back but she is working so fast my head is spinning , don't get me wrong I won't just roll over but don't want to see her or the kids suffer x i.e Thankyou |
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