Capital Gains and Losses

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My 71 yr old father is looking to sell a rental property
My 71 yr old father is looking to sell a rental property that he has lived in on and off for the last few years. He is retired and both my parents make about $50k in income combined. The capital gains… read more
Barbara
Barbara
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20,922 satisfied customers
Is there any way for the owner of a commercial property to
Is there any way for the owner of a commercial property to defer capital gains when selling a property?… read more
JeffS6413
JeffS6413
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Master's Degree
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Property gain tax Have two rental properties that have gain
Property gain tax Have two rental properties that have gain around 90% from the purchasing price since bought them 10 years ago. Plan to do the following. Sell them and use 1031 exchange to buy a bigg… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,359 satisfied customers
I want to 1031 exchange into a property in an Opportunity
Hello:I want to 1031 exchange into a property in an Opportunity Zone. I can enter escrow soon but does it have to close by March 31, 2021 in order to add units and be able to sell in 10 years without … read more
JeffS6413
JeffS6413
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We are Looking at purchasing a property for $155,000 and we
Hi there. We are Looking at purchasing a property for $155,000 and we are selling another property for $197,000 will this allow us to use capital gains and not pay a penalty? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,520 satisfied customers
If My mother and I do a quit claims deed, and transfer for
If My mother and I do a quit claims deed, and transfer for no money. Then I received it for nothing, so my short term capital gains would be based on the full 120k I sell it for? I was told a CPA can … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,922 satisfied customers
My husband bought a house in 2003. He and his mother lived
Hello. My husband bought a house in 2003. He and his mother lived there until 2007 when my husband moved out. His mother continued living there until just recently. We are considering either renting o… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
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I have a rental property that I want to sell and I am
I have a rental property that I want to sell and I am looking for ways to avoid capital gains tax without reinvesting in another rental property. The property is presently being renovated to get it re… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,922 satisfied customers
I was told, under new tax law, that if I sold my stock for a
HII was told, under new tax law, that if I sold my stock for a capital gain I could postpone that gain as long as I invested all the money in purchase of commercial real estate. It sounds to good to b… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,341 satisfied customers
If i reninvest in the phillipines property how much capital
if i reninvest in the phillipines property how much capital gains do i pay … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,520 satisfied customers
I understand how to calculate capital gains based on cost
I understand how to calculate capital gains based on cost basis and so on when selling residential real estate used as investment property. One thing I'm struggling to understand is that if the cost b… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I just sold my rental property can I use that money to pay
I just sold my rental property can I use that money to pay down/renovate my residential property mortgage to avoid paying capital gains?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,973 satisfied customers
In California, there used to be a one-time "dump" of capitol
In California, there used to be a one-time "dump" of capitol gains on the sale of your primary residence if you were 55 or over, and met certain conditions. Is this still in place? If so, what are the… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,520 satisfied customers
Does a married couple get a one time exemption for capital
does a married couple get a one time exemption for capital gains for investment property. Can they deduct off the gain any money spent on the rental over the period of them owing it? We were told we g… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,973 satisfied customers
My wife and I sold a rental home recently. I had spoken with
My wife and I sold a rental home recently. I had spoken with a tax preparer prior to the sale and was told we would owe approximately $5,000 on capital gains. As it turns out, we owe closer to $27,000… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
I have a few questions about 1031 exchange state of
Hello, I have a few questions about 1031 exchange for the state of Colorado. If I sell a rental property i own and want to exchange it and buy my brother en laws rental property is that ok? What if hi… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,787 satisfied customers
Did you say you needed more details. As stated: I have a
Did you say you needed more details. As stated: I have a rental on the market. My tax guy says the depreciation is "maxed" out. We are presently purchasing another rental in advance - settlement is so… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
Will my rental property business have to pay capital gains
Will my rental property business have to pay capital gains this year on the rental properties I sold, when the total proceeds went to the bank to payoff commercial loans? We did not receive a dime for… read more
PhillipB EA
PhillipB EA
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