Divorce and dividing up assets
Divorced Sept 2021. Divided up real estate property on the following properties. 0n 25 April 2022, I bought out my formal spouse's share of our family home for a sum of $497,000, which has/had a relative value of $750,000. to $810,000 at the time. She in turn bought my portion of a Duplex house, we jointly owned, for a sum of $100,000. Duplex estimated market value at the time was appx 300,000 to 325,00 at the time. Reason for large inequality is that any value above the 100K was used to aid in buying formal spouse portion of original family home. Division of property, as outlined in Divorce decree, took place during the one year after divorce requirement. The question requiring clarification. Do I owe income tax on the 100K I received for my portion of the Duplex property?
