Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Off Topic
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 17 years ago,

User Stats

17
Posts
0
Votes
Angie Hills
  • Georgia
0
Votes |
17
Posts

Urgent - Capital Gaims question

Angie Hills
  • Georgia
Posted

Hi all - I have a question about capital gains. We are in the middle of modification of Child support - meeting with both parties this afternoon. My question is -

Does anyone know how capital gains is figured in gross income for child support calculations? It is on the worksheet under Gross income: salary, etc, gifts, etc, capital gains, assests.

I know there is some sort of difference in capital gains in TAX laws and FAMILY Laws - but I can't find anyone to explain the difference. The X sold the house (it was QC to her after the div 3 yrs ago) & Profited $200,000. She will not be taxed on this as capital gains - but the accountant said that she will list it as capital gains on gross income - but doesn't know how its figured.
The scary part is - our ATTY doesn't either!!!! She didn't even have it listed on the worksheet - thank god I'm smart & did some following up myself. I called the office yesterday (this case has been going on for a full year!) and said - hey - I see on this gross income it asks for capital gains & assets - shouldn't this $200,000 she made show up under her gross income - they said "I don't THINK so" - well that's not the answer I want to hear when I'm paying someone 4-5,000 to correct a $30,000 overpayment error (just screwed actually) in the first place. I'm not paying the atty office to think so or don't think so. At least I got them to 'research' - so I called back today to follow up & the sec. said - yes we did find the rules & capital gains should be included. It's not detailed how it's figured - I guess it's up to the Judge!
So - I have contacted 2 CPA's (both said yes - capital gains (even if not taxes as such) and assests should be listed as gross income & contacted about 6 diff atty's & most said - "I don't know" & one said 'yes' - but I've never had to do it - so I don't know the % or whatever. I even called the courthouse & they said - I can't even answer that - I said well if the atty's don't know & you don't know - who does? She said - The Judge! Doesn't look like it's spelled out - is it just his personal opinion & depends on his mood? Also - from my experience w/my X, my husbands X, & many friends X - the poor dads get the bum end of the deal!!!!
Please - desperate for some answers!

Loading replies...