My question involves a marriage in the state of: Missouri
I am negotiating a settlement agreement. One proposal is that I assume the mortgage for our home and my ex-spouse will get the entirety of the home's current value in their part of the asset division. From my understanding, I would need to refinance the mortgage loan into solely my name, and sign a quitclaim to relinquish any claim of ownership on the property. In this scenario, are the mortgage payments I make eligible as alimony deductions for me and income for my ex? Would the same be true for an identical arrangement on the auto-loans?
Thanks in advance.
-m
I am negotiating a settlement agreement. One proposal is that I assume the mortgage for our home and my ex-spouse will get the entirety of the home's current value in their part of the asset division. From my understanding, I would need to refinance the mortgage loan into solely my name, and sign a quitclaim to relinquish any claim of ownership on the property. In this scenario, are the mortgage payments I make eligible as alimony deductions for me and income for my ex? Would the same be true for an identical arrangement on the auto-loans?
Thanks in advance.
-m
Property Division: Tax Implications of a Quitclaim in Settlement
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