Capital Gains and Losses

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I have a question regarding capital gain taxes upon selling
Hey there! I have a question regarding capital gain taxes upon selling a home. It is located in Washington State and my mother has owned the home since 1992. The purchase price was $115,000. It was us… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,515 satisfied customers
I have a question regarding capital gain taxes upon selling
Hey there! I have a question regarding capital gain taxes upon selling a home. It is located in Washington State and my mother has owned the home since 1992. The purchase price was $115,000. It was us… read more
Barbara
Barbara
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I have a situation whereas I put a property (vacant land) in
Hello,I have a situation whereas I put a property (vacant land) in my daughters name several years ago so that in the event something happened to me it would be hers with no complications. I was sick … read more
emc011075
emc011075
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Bachelor's Degree
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We have not prepared any paperwork or signed anything with
We have not prepared any paperwork or signed anything with the mortgage company. … read more
emc011075
emc011075
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Can you answer capital gains tax questions specific to PA?
Can you answer capital gains tax questions specific to PA? … read more
Barbara
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My wife Daughter and I are selling a house that has us all
My wife Daughter and I are selling a house that has us all listed as owners. We want to split up the proceeds with some profit going to our daughter as he has been living in the house and paying the m… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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About depreciation recapture: If I don't report depreciation
About depreciation recapture:If I don't report depreciation recapture for a former rental house that I gifted in 2017 to a relative. Does that mean that I am passing any tax hit on the depreciation ta… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a real estate property that I'm looking to use to
i have a real estate property that I'm looking to use to form a lcc with my mother (currently a rental property, she intends to live there and pay off the remaining mortgage of $140k, house appraised … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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Example: Ana purchased a condominium in Chicago in 2013.She
Example: Ana purchased a condominium in Chicago in 2013.She moved with her boyfriend in 2014 and rented her condo to somebody else since.So she only occupied the unit as "owner occupied" for 1 year. S… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,788 satisfied customers
In 2014 my wife sold a second property (not our primary residence)
In 2014 my wife sold a second property (not our primary residence) for $454K that she had allowed her mother to live in for 14 years without paying rent (my wife never lived there). She sold it for a … read more
Arthur Rubin
Arthur Rubin
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Doctoral Degree
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My mother (US Citizen) and mother-in-law (Canadian) want to
My mother (US Citizen) and mother-in-law (Canadian) want to distribute their assets before their death. They want to buy a house for our child, that we can live in (for a reduced rent). What is the be… read more
R. Klein, EA
R. Klein, EA
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Master's Degree
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Our family currently owns a property that has been rented out
Our family currently owns a property that has been rented out for the past 7 years that we are looking to sell. If we remove our mother's name from the Title of the property, would she still be hit wi… read more
PhillipB EA
PhillipB EA
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Bachelor's Degree
130 satisfied customers
In 2013, My mother sold a property she owns overseas. The buyer
In 2013, My mother sold a property she owns overseas. The buyer is paying installments over 2 years, 2013 & 14. Her only income is social security, less than $25k/year. What is her capital gains rate,… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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I on a 3unit building n San Francisco. I live in top flat.
I on a 3unit building n San Francisco. I live in top flat. Is I sell what would I owe in Capital gains. Property has been paid off for years. I am 67. Would it be best to add daughter to ownership if … read more
USTaxAdvising
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I have questions regarding a pending sale of property--its
I have questions regarding a pending sale of property--it's a commercial property in California held by my mother's trust. Escrow is scheduled to close on about 12/2/13, with a purchase price of $525,… read more
jgordosea
jgordosea
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Q.1 Do J&R qualify for the one-time $500K capital gains exclusion?
Q.1 Do J&R qualify for the one-time $500K capital gains exclusion? J&R are a married couple who file jointly: both are U.S. citizens and residents. In 2000, J&R purchased 66L (a condo in NYC), and liv… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
22,002 satisfied customers
Within the next two months my brothers and I will close on
Within the next two months my brothers and I will close on the sale of a building we own, and my take of the profit will be approximately $1.1 million. My question is this: are there any legimitate wa… read more
R. Klein, EA
R. Klein, EA
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How can we avoid capitol gains taxes by deeding property to
how can we avoid capitol gains taxes by deeding property to our son. It is currently a rental, but he wants to move in and purchase it.… read more
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R. Klein, EA
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jgordosea

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R. Klein, EA

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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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