Hi. I divorved in March 2022. As part of the divorce agreement I bought my ex's part of the house that used to belong to both of us. So I had to borrow money from the bank and got a brand new mortgage under my name only (the old mortgage was under both my ex and my name). In terms of taxes, does this qualify as buying a new home? Any other implications in terms of Taxes? Thhanks.
As you were 50% owner already and already lived in the home with your ex spouse, you do not qualify as a first time owner of the home. Please see our TurboTax article for more information:Who Can Benefit From the Home Buyers’ Amount?
For additional information please see our TurboTax article:Divorce and Taxes
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