Q: Tax question about property buyout.
I have the condo deed my name and will sign over after buyout but concerned large personal check may lead to tax issue? We lived there for 3+ years. Should I insist that when he goes to closing the bank give a check or does it matter as far as taxes go? Should be about 85k
A: The manner in which paid does not affect whether any tax might be due. Contact your tax professional to determine if you will have any tax due on the transaction.
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