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Recent Real Estate Tax questions

With a 1031 exchange, as I understand it, you have to

With a 1031 exchange, as I understand it, you have to identify that its a 1031 before closing, be in contract within 45 days, and close within 180 days. Is there any breathing room on this?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
NC real estate tax question: I own a condo with someone else

NC real estate tax question:I own a condo with someone else (unrelated), however i'm the only person on the mortgage note. I'm thinking about buying the other person off the title. I'm assuming this would be done with a quitclaim deed. What are the tax implications of buying their portion of the title for say $10,000 versus working out a situation where no cash in exchanged? From a tax perspective what do I need to know or consider?

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Mark Taylor

Certified Public Accountant

Masters

914 satisfied customers
A TAXPAYER OWNS AND LIVES IN HIS PERSONAL RESIDENCE. TEN

A TAXPAYER OWNS AND LIVES IN HIS PERSONAL RESIDENCE. TEN YEARS AGO HE PURCHASED A SECOND HOUSE IN THE SAME TOWN FOR $135,000 AND PAID CASH. FOR TEN YEARS HIS SON, DAUGHTER-IN-LAW AND GRANDCHILDREN LIVED IN THE SECOND HOUSE RENT FREE. HE HAS NEVER HELD IT OUT FOR RENT TO THE PUBLIC. DURING THESE TEN YEARS THE TAXPAYER TREATED IT AS A SECOND HOME AND DEDUCTED REAL ESTATE TAXES ON HIS SCHEDULE A. THERE WAS NO MORTGAGE INTEREST. CHILDREN MOVED AWAY IN 2016 AND HE SOLD THE HOME FOR $100,000 A LOSS OF ($35,000). QUESTION. IS THIS A (1) NON-DEDUCTIBLE PERSONAL LOSS, OR (2) CAN HE TAKE THE POSITION IT WAS AN INVESTMENT THAT HE HOPED ALL ALONG WOULD INCREASE IN VALUE AND BE SOLD AT A CAPITAL GAIN BUT ENDED UP A CAPITAL LOSS?

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Robin D.

Vocational, Technical or Trade School

20,936 satisfied customers
I am retiring and will be living with my daughter in her

I am retiring and will be living with my daughter in her home in AR. I wil not be her dependent at this time though eventually she may become my caregiver. I want to pay half of the household expenses. Should we open a household account and both contribute to that account? Does it need to be specified - named a household account and both of us be signers? Will the amount that I contribute be income for her? She will still claim taxes & interest on her mortgage.JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: She just this month paid home insurances for the coming year. I want to reimburse her for my half.

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Barbara

Enrolled Agent, Paralegal

5,006 satisfied customers
I own a home in California. My property taxes are in escrow

I own a home in California. My property taxes are in escrow and included in my monthly mortgage premium. Because of financial hardship in 2015, I did not pay many of my mortgage payments, (which of course includes my property tax payments). I am now in modification with my lender and expect to save the house and continue living in the property. Can I still deduct my total property tax bill for 2015 on my 2015 income taxes?

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
Rental Real Estate, I owned half a rental property for 20

Rental Real EstateJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: I owned half a rental property for 20 years. By agreement I held it only for capital gains and the other party took all expenses, income and depreciation. We are about to sell the property and I'd like to make sure I don't need to declare anything other than cap gains.JA: Is there anything else the Accountant should be aware of?Customer: I can't be sure they reported everything. And they have now passed away. Also want to sure that I am not liable.

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Dr. Fiona Chen

President

Ph.D.

280 satisfied customers
This question is in regard to same property I mentioned in

This question is in regard to same property I mentioned in last question, do you happen to know the tax benefits or write offs to subdividing or imporving the lots? My sister is a CPA and said I should have a log book for mileage related to working on the lot and keep receipts and records of services I am paying for towards improving the lot. Any other advice for this property that can help my tax liability?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
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

20,936 satisfied customers
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

914 satisfied customers
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