How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I own a residence in a condominium building which is my homestead.

Customer Question

I own a residence in a condominium building which is my homestead. The residence has the assignment of many parking spaces, which the association allows you to sell. My homestead to day is not worth what I have invested in it. Can I sell the parking spaces and use the proceeds to reduce my basis, or must I pay capital gains on the spaces when I sell them?
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
If you sell parking spaces - you must apportion the basis to the part of your real estate that is sold - and separately calculate gain or loss on that sale.
Expert:  Lev replied 7 months ago.
It is likely that you would not have any gain as you invested more in that property that it is worth now.Let me know if you need any help with reporting.

Related Tax Questions