Shared asset with brother, mortgage involved, not mine, how to account for that?

[Aaron Laws]

On Fri, Oct 3, 2014 at 3:47 PM, Daniel Farfán Muñoz <dfarfanmunoz at gmail.com>
wrote:

> The agreement is: each of us owns 50% of the office value.
>
> So, should I separate the office accounting to another gnucash file?
>

Within a joint venture, you have thaht option.


> Then, how do I account in my personal finance file how much I own of the
> office at a certain time? I own the 5% plus 50% of the paid mortgage.
>

If you don't have separate books for the joint venture, you record what's
yours in your books, and at the end of the accounting period, combine them
with your partner's books to decide what each of your profit and loss is.
In your personal books, you have a liability for 50% of the mortgage, and
an asset for 50% of the worth of the building representing your holdings in
the building. In short, you always own 50% of the office.

It should be affordable to get an accountant in your area to advise you as
you go forward. This will help you decide how you will do all your
reckoning to help minimize legal and tax liability.


>
> Thanks!
>
>
>