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Definition Adjusted Basis - investment in property, like commercial real estate, determined by adding the cost of the improvements to the original cost and subtracting depreciation.

Application in Divorce The adjusted basis is very important in determining the value of real estate, particularly the marital home because it is used to determine the taxable gain, if any.

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Who Gets the Homestead?
The fate of the family homestead is one the biggest questions a divorcing couple must agree upon or let the court decide. The spouses must consider both short-term and long-term costs carefully. Ending up with the marital home in a property distribution award upon divorce can be the worst outcome. Many spouses do not realize the financial burden of trying to support such an asset as it eventually leaves them to be forced to sell it or even worse into bankruptcy.

Contributed on 4/3/2007 by: DivorceDex.com Staff
Category: Property Division (Applicable in All States)
Tax Ramifications
If you are going to be awarded the marital home in your divorce, you better have a clear understanding of what the tax ramifications are. If you do not consider capital gains or future capital gains you will be in for a big surprise. Without considering the tax ramifications, the value of the marital home will appear much greater.

Contributed on 4/3/2007 by: DivorceDex.com Staff
Category: Tax Consequences (Applicable in All States)

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