Legal Question in Family Law in California
Divorce and real estate
When your buying out your ex on a home, do you use the value of the home at seperation (which was 2 years ago)or current todate value?
2 Answers from Attorneys
Re: Divorce and real estate
Generally the value used is the value at the time of the buy out. The internal revenue code provides that the amount that you pay to buy out a spouse is not added to the basis of the house when you sell it. That is you pay the income taxes on the amount that he receives in the buyout.
Reply: Divorce and real estate
In a general sense, under California law, you would use the current date. Also you would not deduct for costs of sale, escrow fees, etc.
For a specific opinion regarding your individual circumstances, I suggest that you consult with an experienced family law lawyer. Experience is not expensive, it's priceless!
You will find some valuable information on various California family law issues at my web site.
Good luck to you!
Brian Levy, Esq.
www.calattorney.com
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