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My husband and I closed escrow on our house and are

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My husband and I...

My husband and I closed escrow on our house and are splitting up the proceeds. Prior to closing escrow I paid for new floors which cost $8600 and was going to get paid back once we closed. The total house proceeds came up to $231,000. In order to make me whole again from

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

The floors and then split the remaining proceeds. Would it be calculated like this: $231k - $8600 = $222,400 / 2 = $111,200 each for our split?

Submitted: 4 months ago.Category: Finance
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Answered in 4 minutes by:
3/26/2018
Financial Professional: bkb1956, Finance Enthusiast replied 4 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,650
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are to be reimbursed for expenses that you advanced, your percentage should be greater by the $8600.

OR

You can be paid the $8600 as a closing cost item, and the balance split between the two of you ($111,200 each).

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 4 months ago
If he owed me a credit of $3k as well would that get deducted after the balance of $111,200 ea or would that get deducted before we split like the floor credit? What would the split look like then?
Financial Professional: bkb1956, Finance Enthusiast replied 4 months ago

Any money that you paid separately should be deducted before the 50/50 split is done.

I would recommend showing these as reimbursements to you as line items on the closing statement and then you each split what's left.

$231K minus $11600 leaves $219400 to be split, or $109700 each.

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Financial Professional: bkb1956, Finance Enthusiast replied 4 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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