You'll need to sign in or create an account to connect with an expert.
talk to your divorce attorney and if they can't answer they probably can direct you to a professional that could.
@mu_girl09 - isn't this simple?
the mortgage has nothing to do with cost basis.
upon the divorce settlement, you did not own the house. He did.
You then bought the house from him for $96,000. That is the purchase price and adding in any improvements (the roof) is your cost basis. It would be the same cost basis that anyone else who bought the house from him and made similar improvements.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
livnoutdoors
New Member
rjo1993
New Member
pearl12970
Level 3
jdc001
Returning Member
mjm77
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.