If I would like to buy out my ex-wife’s half of our jointly owned home, how can I do that without the home being re-assessed?
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If I would like to buy out my ex-wife’s half of our jointly owned home, how can I do that without the home being re-assessed?
My ex-wife and I jointly own a property. I want to buy out her half but avoid a tax reassessment. The funds she receives will need to qualify for one time capital gains exemption.
Asked on February 28, 2012 under Real Estate Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to properly structure the buy out of your wife's interest in the jointly owned home without the home being reassessed for tax purposes would be to consult with a tax attorney who does real estate law and structure the sale to minimize any tax consequences.
Possibly the purchase might be an event that does not trigger an increased property tax if it is done pursuant to a dissolution degree. Some states in this country do not increase the assessed value of real property as part of a maritial dissolution buy out.
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