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Recent Capital Gains Tax questions

I'm on disability now. I have existing stock in a company

I'm on disability now. I have existing stock in a company that I left in the company to continue growing. I would like to know if I could lose my full term disability if I sold my stock back to previous company. Will it be taxable. Will I risk loosing my disability benefits ?JA: Because laws vary from state to state, can you tell me where the company is registered?Customer: Corp office is in Florida I live in Alabama.JA: Has anything been filed or reported?Customer: I've been on disability for 2 years. But I'm waiting to sell stock til I see if I'm penilized . I'm 62.JA: Anything else you want the lawyer to know before I connect you?Customer: Not really . I just needed to know the financial does and don't .

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Loren

Juris Doctor

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I'm a realtor and my client's home is in a life estate. She

I'm a realtor and my client's home is in a life estate. She is still alive and the remainders are her six kids. They want to sell the property now while she is still alive and with sound mind. Can one of the remainders get a power of attorney for everyone and sign on all 7 people's behalf. They are all in agreement of selling the property.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: IndianaJA: Has anything been filed or reported?Customer: The life estate was set-up last year.JA: Anything else you want the lawyer to know before I connect you?Customer: no

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,136 satisfied customers
If I sell a Mexican timeshare, am I responsible for paying a

If I sell a Mexican timeshare, am I responsible for paying a Mexican capital gains tax which I have be advised is 30% of the sales price.JA: Have you thoroughly reviewed the contract?Customer: The closing company relayed the information to me with the request that I wire funds to cover the tax and a 3% fee.JA: Has anything been filed or reported?Customer: Not yet.JA: Anything else you want the lawyer to know before I connect you?Customer: Everything I have found on the internet cautions SCAM when the request is made to send funds before the sale proceeds are released. The closing agent did send a copy of a Mexican bank statement with my name and the amount that is held pending settlement.

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Loren

Juris Doctor

44,934 satisfied customers
It's for a tax attorney; re: capital gains tax: I owned

It's for a tax attorney; re: capital gains tax: I owned income property and sold it in 2016. I paid $399,000 in 2006 and sold it for $425,000. So basis is $399,000 right? Capital gains tax on $26,000? Can I write off fixtures off to reduce gain even though I didn't previously deduct on my expenses on the property? Definition of fixtures?JA: What state are you in? It matters because laws vary by location. Has anything been filed or reported?Customer: CaliforniaJA: Anything else you want the lawyer to know before I connect you?Customer: Please ask lawyer to answer all those questions I asked related to capital gain? Usually when I ask questions they only answer the first one but they are all related. Thank you.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,136 satisfied customers
I need to clarify something my tax preparer told me about

i need to clarify something my tax preparer told me about avoiding capital gains tax on a rental house. is that something you can help with? I am in Illinois.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: ILJA: Has anything been filed or reported?Customer: my regular taxes, because i have owned the house for 5 years but just rented it our 5 months agoJA: Anything else you want the lawyer to know before I connect you?Customer: i need to know if i can avoid capital gains when i sell if its less than a certain number of months that it was rented out. thats what the tax lady said but she wasnt sure

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legalgems

Juris Doctorate

19,074 satisfied customers
Trusts/beneficiary any fed tax ??? connecticut, not known if

trusts/beneficiary any fed tax ???JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: connecticutJA: Has anything been filed or reported?Customer: not known if soJA: Anything else you want the lawyer to know before I connect you?Customer: is there any tax due on the receipts received

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legalgems

Juris Doctorate

19,074 satisfied customers
Your parents gift you some property. Value of the property

Your parents gift you some property. Value of the property is below the exclusion limit so they don't have to pay a gift tax. years later the property value booms. If you sell it do you have to pay capital gains tax on the increase in property value?JA: What state are you in? It matters because laws vary by location.Customer: MinnesotaJA: Has anything been filed or reported?Customer: NoJA: Anything else you want the lawyer to know before I connect you?Customer: Not right now, thanks.

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Loren

Juris Doctor

44,934 satisfied customers
I plan on selling my rental, as of 7/31/17 I will have a

I plan on selling my rental, as of 7/31/17 I will have a lived there 2 years out of the past 5. So if I sell the house I will not pay capital gains tax. My question is, if the house doesn't sell until after 7/31/17 does that affect my 2 year qualification? would I have to live there another year? FYI while on sale it would not be occupied by rentersJA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: sorry, CaJA: Has anything been filed or reported?Customer: Nothing, getting ready to give notice to the rentersJA: Anything else you want the lawyer to know before I connect you?Customer: no

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LawTalk

Attorney at Law

Juris Doctor

37,886 satisfied customers
I am inquiring for my cousins who's Mom passed away last

I am inquiring for my cousins who's Mom passed away last February 2016 and left him the family home. He in turned sold the property and put the money in a savings account in his name only and he named his wife as the beneficiary. In December he also unexpectedly passed away. His spouse now has received the money from the bank account. Is the spouse responsible for any inheritance taxes, capital gains taxes, etc? State of Massachusetts.JA: I think they do a wonderful job. All Experts must pass our rigorous 8 Step Expert Quality Process. This ensures that you get the most knowledgeable, trustworthy help anywhere on the Internet. You can learn more about it here: http://ww2.justanswer.com/expert-quality-process Because real estate law varies from place to place, can you tell me what state this is in?Customer: Massachusetts,JA: Has anything been filed or reported?Customer: He never said anything to his spouse about filing or reporting anything, (he was only 48 and I am sure never expected this tragedy) so we do not really know anything.JA: Anything else you want the lawyer to know before I connect you?Customer: Not really

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John

Attorney

Doctoral Degree

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