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Livingston, NJ – Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was highlighted on NJ.com where he discussed how taxes are handled on the sale of a jointly owned house. Karu spoke about the taxes that are applied and how there are two different approaches to this situation. Karu explained, “If, by the entirely, you would calculate the cost basis by adding up the purchase price, cost for improvement, miscellaneous home repairs, mortgage interest, other carrying costs, and the closing costs. Then subtract that from the selling price and multiply the remainder by your percentage.” In addition, he continued, “For your father, his basis would include his pro-rata share of the purchase price plus any monies that he paid for the renovation costs plus 65% of the closing costs on the sale,” he said. “For you, your basis would be your pro-rata share of the purchase price plus the monies paid for miscellaneous home repairs, plus 35% of the closing costs on the sale plus the interest paid on the mortgage.” To read the article, please click here: https://bit.ly/3RWnIvv To speak with and/or set up an interview with Michael Karu, please contact Amy Delman, Amy Delman Public Relations, LLC, 201.563.4614 or amydelmanpr@verizon.net. Michael H. Karu, CPA/CFF, is a senior member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is a Certified Divorce Mediator and is Certified in Financial Forensics. Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows. Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.” ####