I filed for divorce in 2021. My ex forced me to sign joint tax returns for 2021 in the divorce.
He was a Nevada attorney. After trial in April 2023 he appealed the decree and we settled in Supreme Court that the LLC, the physical rental property, and the mortgage would be my responsibility.
He filed taxes separately for 2022 & 2023 and depreciated the property in those filings. He died July 2024.
I was unable to file any tax filings because he engaged a new accountant whom also had a JD and testified against me in divorce after stating he was not conflicted. My replacement CPA retired after I requested he file my extensions. My ex still refused to provide financial documents so I could file on my end correctly in 2022/2023 while still legally married.
He took depreciation on the prop, claimed the kids I’ve had primary custody of, and likely pocketed the returns.
I am in the process of trying to engage a communicative/experienced accountant to assist in cleaning this mess up asap and fortunately our amazing bookkeeper of approx 8 years is very knowledgeable and responsive. Hopefully very soon she will access my post 3 year long divorce financial records to clean this up.
I won’t fully know until after I can lock in a cpa with legal experience also.
I don’t understand how depreciation works exactly. Or how this affects me after the sale.
I bought the prop married in 2021 in both our names.
we re titled immediately under the LLC.
he refused to file the 2021 joint return listing me as the managing member that I was.
The property is very qualified for a 1031.
move consulted with a 1031 facilitator.
It’s been quite a few years since I’ve executed a 1031 process & obviously I need to engage an RE JD with CPA CA experience.
(referrals would be appreciated)
I suppose the settlement agreement executed Feb 6th prevents me from assigning the mortgage in his name to the probate estate…
However, I’ve read that since he’s deceased I could potentially assume that mortgage at the 1.6% that’s locked in… if I knew or if that was the case I certainly wouldn’t have sold…
Purchase $1.4 2021
Mortgage $260k @ 1.6%
Improvements $187k
Sale $1.985 2024
Commission total: $3.5%
