My question involves a child custody case from the State of: MN
My ex is self employed in construction flipping houses for quick profit. In 2017 he sold house owned by his corporation for less than a year. This business transaction showed on his corporate tax return. He stated in court this house was his homestead and he has purchased another home that he uses as his residence and that the down payment was in excess of the profit from the sale of his former homestead.
My question is: can he claim a sale of house owned by LLC as his own homestead.
By tax law homestead apply only to individuals, not to LLC or business and to claim house as homestead you have to own and live in a house for two years out of the five last.
I dont know if this is the same for family law.
Can the court consider this as exchange of homesteads and exclude it from his income for child support calculation?
My ex is self employed in construction flipping houses for quick profit. In 2017 he sold house owned by his corporation for less than a year. This business transaction showed on his corporate tax return. He stated in court this house was his homestead and he has purchased another home that he uses as his residence and that the down payment was in excess of the profit from the sale of his former homestead.
My question is: can he claim a sale of house owned by LLC as his own homestead.
By tax law homestead apply only to individuals, not to LLC or business and to claim house as homestead you have to own and live in a house for two years out of the five last.
I dont know if this is the same for family law.
Can the court consider this as exchange of homesteads and exclude it from his income for child support calculation?
Calculation of Support: Sale of House Owned by LLC and Child Support Calculation
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