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My question is similar one you answered here: "My mother is

My question is similar one you answered here: "My mother is 74 and can make about 400,000."Here is the question:My Mom inherited a home along with her sister in 2013. The valuation at the time was 253,000 (from property assessors office). She sold it this year for 220,000. However the value of the house when it was built by my grandfather was $121,000 (in 1991) Sounds like no capital gain tax would apply. Correct?

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Anne

Master Tax Preparer

3,198 satisfied customers
I have been sued for delinquent taxes on items/property that

I have been sued for delinquent taxes on items/property that have no value. These items were rendered "useless" in 2010 as they could not be sold or donated. A city where these items remain now wants to impose and collect ad valorem taxes on property. What are my options?

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taxmanrog

Master's Degree

926 satisfied customers
Irrevocable Trust Question - Taxpayer had a revocable trust

Irrevocable Trust Question -Taxpayer had a revocable trust in place prior to death which turned into an irrevocable in 2015 because of his death. The trust holds 100% of 4 rental properties and the trust only has one beneficiary. All proceeds flow through to beneficiary, no restrictions.1. Should the rental property inherit the prior cost and depreciation value or be entered at FMV?2. If property is entered at FMV then do I start depreciation at 27.5 years as of DOD?3. Why does my program not include the depreciation as an expense on Schedule E of the trust tax return? Should it? Or should the depreciation be a separate item on the K1?4. The four rental properties added together has net income before and after depreciation.Thank you Jeannette

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,284 satisfied customers
Which uses are 'exempt uses'? In Albuquerque New Mexico, my

Which uses are 'exempt uses'?In Albuquerque New Mexico, my IRS 501C3 (religious organization--25+ years good standing) has a 'property tax exemption [ad valorem] on our 'parsonage', (where, as pastor of a small church, I live with my family). The property remains exempt from these real estate taxes as long as the house is:1) Exempt owned (NM Non Profit Corporation owns the property)2) Exempt use (parsonage)We own another house which is now being used as a (NM Department of Health) licensed Elder Care/Hospice [for up to 8 clients, currently 3-4]Can an Elder Care/Hospice qualify as Exempt Use? Would it need to be 'religious' also? or denominational (Baptist, Methodist, ...or simply Christian? etc.)What types of uses might be 'exempt use' for NM property tax exemption???

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Dr. Fiona Chen

President

Ph.D.

758 satisfied customers
Well, it is kinda like this. Single woman bought house from

Well, it is kinda like this. Single woman bought house from mom for $1.00. Have firm offer from buyer for $350,000.00. I have lived in house for over 10 years. Will I have to pay cap gains on just $100000.00 or $349999. 00. W tried to death. Can you email me answer to***@******.***.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: No, but if my cap gains is $45000.00 I will not sell.

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DanielleCPA

Certified Public Accountant

Bachelor's Degree

974 satisfied customers
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

21,814 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

18,990 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

9,284 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

9,284 satisfied customers
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