Divorce Support Forums: Home equity is income?

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Sarah1014
Platinum

Reged: 04/12/07
Posts: 2279

Home equity is income?
#152113 - 11/06/07 09:12 PM (24.14.185.5)

My boyfriend read in horror the following...

A divorced man sold his house.

His X wife went after him for the profit on the house as income. She got it.

How did this happen?

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hopefull
Gold

Reged: 10/07/07
Posts: 161
Loc: Michigan

Re: Home equity is income? [Re: Sarah1014]
#152197 - 11/06/07 11:00 PM (71.205.217.39)

Capital gains on house can be considred income..In some states it needs to be over 250,000 however if the money gets rolled over into another property it would be just an protected from any taxes. Same as taking money from a 401k it would be income until you roll it back in to a retirement plan. I'm just having a Pam theory but when you make a lot on your house it's taxed as income.

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