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I have a question about real estate and retirement account.

I have a question about real estate and retirement account. First of all , I am 1 month from 60 yrs old. I own a 10 acre piece of undeveloped rural property adjoining a river. I have owned it for several years. I have been trying for over 2 years to sell it, via a realtor, at the price I paid, without any luck. I also work, and have a 403b and 457 with considerable amount of money. Would it be possible to sell the property at some loss I can live with , (maybe to a realtor)and use the capital loss to offset taking a fairly large distribution from the 403 and/or 457 now , which is taxed as ordinary income ?? I will likely have an increase in salary next year of $20-30k ? If so, would it just require the sch D to add to the 1040 ?

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
I have an investment property which I purchased above the

I have an investment property which I purchased above the appraised value. I am trying to find out what the depreciable value is. However, different methods yield very different values. If I use the land as % of total assessed value and apply it to the purchase value I get $150,000 as the depreciable value. However, my insurer has suggested that I insure the property for $200,000 as the insured value. My insurer said that that was the value that the insurance company suggested.Am I able to use the $200,000 as the depreciable value for tax purposes if that is the value I am paying my insurance premiums on? Or do I have to use the lower value of $150,000? Thank you.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,242 satisfied customers
FL law form DR-405- Tangible Personal Property Tax return.

FL law form DR-405- Tangible Personal Property Tax return. Who must file this? Only sole proprietor, who use personal stuff like furniture etc? What about S-Corp and LLC?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
This is ***** *****. Here is my question. I sold my rental

Hi, this is ***** *****. Here is my question.JA: Thanks. Can you give me any more details about your issue?Customer: I sold my rental property last year. Turbo tax add $41k into 6251 line 19. I checked it . This amount from the the loss 2006-2013. Can I reduce it?JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
Dear, My Grandmother transferred a property in my name as

Dear,My Grandmother transferred a property in my name as part of inheritance on 01/2015, I started collecting rent from it and have expenses. The property was in a name of my Grandmother's trust.My question for income tax purposes, what is the basis of the land and building for depreciation purposes if the assessor shows the following values:Land value @ $42,000.00Building value @ $236,000.00She bought the building back on 01/2004 for $130,000.00

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
I inherited the land in 1997. The Hand County assessor says

I inherited the land in 1997. The Hand County assessor says the land in question was valued at $230/acre at that time. The The land is now worth $1,736/acre. I remain concerned about tax consequences. Will it be better to receive full payment for land sale now or spread out the income over several years?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
We received a 1099 c rental property that taken in

We received a 1099 c for a rental property that taken in forclosure. We are not sure of what we can doJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We first started receiveing forclosure paperwork back in 2010. It was forclosed on until 2015, there have not been any renters in it since 2009.JA: Is there anything else the Accountant should be aware of?Customer: We hadn't made a payment on the property since 2008. We are wondering if there are any exclusions that we would qualify for or reductions or just because we got a 1099-c does that mean we actiually have to pay. If that makes any sense at all.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
California property in Los Angeles County appraised. About

California property in Los Angeles County appraised. About to inherit from elderly dad.Market Value is multiple times assessed value.Assessors site shows:Recording Date: 09/18/2006Land: $50,773Improvements: $43,6341) if he gifts it before death, are there gift tax consequences?2) if we sell the property after gift, either before or after death, can we buy another piece of property and carry forward the property tax base?Thank you!

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Anne

Master Tax Preparer

3,138 satisfied customers
I'm planing to buy an old house next month in Edison NJ

I'm planing to buy an old house next month in Edison NJ for $200k. I will demolish old construction and will spend $325k on brand new construction of about 2000 sq ft. How much will be its "Tax Assessment Value & tax amount in very first year in 2017?

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
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