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Recent Real Estate Tax questions

About 6 months ago we moved from PA to CO to live with our

About 6 months ago we moved from PA to CO to live with our adult daughter. We are retired and sold our small house which provided a small down payment for the condo we are living in. The condo, which we share, is in our daughter's name. We divided the monthly mortgage payment and the HOA. My questions are - 1)does our daughter have to report this monthly amount we pay her ($800: $600 toward mortgage, $150 toward HOA) as income, and 2) do we have to report this monthly payment as a gift to her? Thank you.

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Robin D.

Vocational, Technical or Trade School

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In 1985 my mother gave me a parcel of woodland when she

In 1985 my mother gave me a parcel of woodland when she divided the family farm between me and my siblings. She did not want us to have to wait to inherit it. Now I am planning on selling the property for $1200 per acre. In the intervening years I have paid real estate taxes but no other costs have been incurred. My husband and I are retired on Social Security and receive (combined) approximately $32000 per year (my portion of this is Social Security Disability). How much, if any, federal and state capital gains tax will be due on the proceeds of the sale of the woodland?

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Mark Taylor

Certified Public Accountant

Masters

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I have a tax question. We bought a house in our name parents

I have a tax question. We bought a house in our name for my parents to live in. They pay all direct expenses, the exact amount of the mortgage, taxes, insurance, etc. Since the property is in my name they give us a check every month and we make the payments. This is not a "rental", so I don't know how to report it on my tax return? We do own another property that we rent out and I realize that even though we lose money every month on that property it still shows as income on our return, I am assuming because the amount that gets paid to principal counts as "profit" for us. I really hope we are not going to be in the same situation with the house my parents live in! Can you please let me know how this should be handled? I filed an extension and I am in the process of doing my tax return now.

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emc011075

Tax advisor and Enrolled Agent

Bachelor's Degree

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My friend is living in my house why I help my dad they are

My friend is living in my house why I help my dad they are paying rent but it doesn't cover the whole payment for the assessments for so sewer. When it comes to filing taxes do I have to claim the rent their are paying me ?

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Robin D.

Vocational, Technical or Trade School

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Would it be worth itemizing and increasing deductions on my

Would it be worth itemizing and increasing deductions on my paycheck for this year?I have been filing standard.This year...I bought a car 3 months ago... $14,800.. 2.4% loanClosing on a house before Aug. 1... sometime in July... $141,300... 3% loan....Should I just wait till next year to adjust my deductions on my paycheck?I made $39,800 last year

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Lev

Retired

Bachelor's Degree Equivalent

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My elderly mother put me and my brother's name on her

My elderly mother put me and my brother's name on her property in Oregon. When she passes on, what rights do I have if I want to sell. The taxes are a lot and he is living there already not keeping them up. I payed them for years myself does that benefit me in any way?

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Anne

Master Tax Preparer

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I am about to buy a condo and I have a copy of a 1099-misc

I am about to buy a condo and I have a copy of a 1099-misc from the current owner. It is from 6/1/15 - 11/30/15. It says box1: $10,621.38. And state ( SC ) of same amount. How will this effect my taxes? I am recently divorced, so I guess I will be head of household now, and I will be paying cash for the condo (settlement from divorce). This will continue to be a rental for my retirement, I live in NC. My current salary is $27,000/yr . Please let me know if you need any other information.

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Lev

Retired

Bachelor's Degree Equivalent

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This relates to real estate taxes in Florida. My wife is

Hello;This relates to real estate taxes in Florida.My wife is American and retired. (Small SSI only income.) I am an immigrant, (from The Bahamas, and recently applied for a green card.) While I have taken the photo and biometric fingerprints, I do not yet have the green card status. My company closed down in The Bahamas, and right now I have no income.We have two houses, one in her name, and one in both our names. We are in the process of selling the latter, and was planning on moving into the other one, but we have had 4 break in's at the property recently (even 'though her son from a previous marriage was staying there,) and now my wife is reluctant to move there. What would be the tax ramifications if we sold both properties now? Or should we sell this one, live there for awhile before trying to sell that one? Or should we sell this one, buy another property with these funds, and keep the 2nd property for now?

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Robin D.

Vocational, Technical or Trade School

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How best can I use my pension fund to purchase a home. I am

How best can I use my pension fund to purchase a home. I am 60 years old and fully employed.

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Robin D.

Vocational, Technical or Trade School

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