- Download Latest Version
- Request KeyCode
- Training Videos
- User Guides
- Tech Support
- Free Webinar Training
- Download Court Forms
- Modify Professional Listing
- Renew Subscription
Did You Know...
Family Law Software can calculate child support guideline amounts in 21 states.
|Search all help content:||
Question: What if One Spouse Has Contributed to the Downpayment?
Answer: Suppose the wife has made an initial down payment of $70,000, and the home is about to be sold.
In the sale, the parties want it to come out that she would take out $70,000 more than he would.
Responsibility for the mortgage, however, is being shared 50-50.
What you can do is to create two real estate propertys, one for each spouse.
As the value of the home, give the wife 50% plus $35,500. Give the husband 50% minus $35,500.
Split the mortgage 50-50, that is, give each spouse half of the mortgage.
Indicate that both homes will be sold, and split the costs of sale 50-50.
For the cost of the home (tax basis) for the husband, take the original cost, subtract the wife's down payment of $70,000, and gave the husband half of the remainder.
For the cost of the home (tax basis) for the wife, use the original cost (total basis) minus what we give the husband.
Then the wife's downpayment will be reflected in the tax basis, and the wife will take an extra amount equal to the downpayment out of the proceeds.