02-20-2014, 10:56 PM
Sorry to hear it, Ron. At least it's amicable.
I would recommend talking to a tax advisor - either an Enrolled Agent or CPA. You'll owe income tax on any accrued interest on those bonds. Is there a way to structure the agreement for those mortgage payments so you can deduct any interest? Tax laws have changed significantly since my divorce. Paying it off over the coming year out of pocket may work out for the better for you.
Without knowing all the details, it's hard to say much.
I would recommend talking to a tax advisor - either an Enrolled Agent or CPA. You'll owe income tax on any accrued interest on those bonds. Is there a way to structure the agreement for those mortgage payments so you can deduct any interest? Tax laws have changed significantly since my divorce. Paying it off over the coming year out of pocket may work out for the better for you.
Without knowing all the details, it's hard to say much.