Capital Gains and Losses

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I have lived in Las Vegas for seven months where I purchased
I have lived in Las Vegas for seven months where I purchased a home. I am selling the home and after closing costs I am walking away with $70,000. What is my tax obligation if any? Thank you very much… read more
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Rick
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I hope to sell my house for 1.2M. I expect to sell my home
I expect to sell my home for $1.2M. After paying off the bank $469,283.00 plus 4% RE fee ($30,000.) plus a local environmental 2% tax ($24,000.), and putting down $100,000.00 on an income producing property (I live in one apartment) and another $100,000.00 on a vacation home, how much capital gain tax will I have to pay? What is the percent of the capital gain tax? … read more
HowardD414
HowardD414
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If I buy & sell a principal residence property, can I still
Hi, If I buy & sell a principal residence property, can I still deduct commission fees, etc from the net sale price? Also, if I end up with capital loss, can I deduct it from my income in that year? I… read more
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Preparing my 2020 return. I sold my primary residence in
Preparing my 2020 return. I sold my primary residence in July of 2020. Sale price was 295,000. The mortgage paid off was 184,000. After all closing costs and fees were paid I received a check for appr… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I bought my townhouse for $93,000 40 years ago. I think I
Second Opinion] I bought my townhouse for $93,000 40 years ago. I think I can sell my house for $1,500,000 less 5% sales commission. I've made about 20,000 improvements. Although I had to pay $60,000 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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We are selling our home at the end of August. We have lived
We are selling our home at the end of August. We have lived in it since 1998. We will walk away with possibly $250,000 and would like to put most of the profit on the new home, but keep a little to pa… read more
James Daloisio
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My mom put her house in mine and my sister's name several
My mom put her house in mine and my sister's name several years ago, (so it is gifted?) we have just sold her house and I am selling my house, and are presently building a duplex condo in a over 55 co… read more
Mark Taylor
Mark Taylor
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My wife and I are divorced and in process of selling a home.
my wife and I are divorced and in process of selling a home. Though we are tenants in common, the court has awarded me 84% ownership and she gets 16%. What is my exposure in capital gains? The gain af… read more
James Daloisio
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I'm trying to understand the capital gains situation when
I'm trying to understand the capital gains situation when two non-married people own a home in California as JOINT TENANTS. Please let me know if my understanding is correct or not.....Let's say a non… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I bought this house two years ago, I have not lived on it
i bought this house two years ago, I have not lived on it and noone has lived since. I am selling it with a difference of $280,000 higher than I bought it for, but I am loosing money. Contractor is re… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,798 satisfied customers
We bought our home in 2003 for $403,000. It is now likely
Hello. We bought our home in 2003 for $403,000. It is now likely able to sell for about $350,000. We owe $280,000 on the mortgage. If we sold this home now for the $350,000, which would give us $70,00… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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A friend wNTS TO SELL HIS HOME PAID 27,000 AND WIL SE FOR
a friend wNTS TO SELL HIS HOME PAID 27,000 AND WIL SE FOR APPROX 350,000. HIS WIFE PASSED IN 2014 AND MAKES APPROX 30,000 PER YEAR. . WHAT WOULD HIS CAPITAL GAINS BE ? … read more
Barbara
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I purchased a home in which I was going to move in to..
I purchased a home in which I was going to move in to.. started working on it in May of 2017 to begin making it nice. I am 69. I was going to move there. I live in a trailor and wanted to move closer … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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, I have a rental property in Texas which I inherited when
Hi, I have a rental property in Texas which I inherited when my mother passed in 2013. I now want to sell it for probably $195,000. My mom purchased it in 1987 for 110,000. I live and own a house in C… read more
Stephen G.
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My mother in law lives in the State of CA she is 67 and has
My mother in law lives in the State of CA she is 67 and has been retired for two years. She just sold her home in San Anselmo for $700,000. She and her husband paid $22,000 for the home 40 years ago. … read more
PhillipB EA
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My wife and i purchased a home in San Lorenzo, CA that closed
My wife and i purchased a home in San Lorenzo, CA that closed escrow on August 01, 2012. I have a new job that is 45 miles away from my old job. We are relocating to San Jose, CA. We paid $408,000 for… read more
Megan C
Megan C
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I sold my house for a $100,000 profit. I dont qualify for a
I sold my house for a $100,000 profit. I dont qualify for a new mortgage due to low credit scores. How will capital gains tax effect me? When does it have to be paid? This was my first home. Where can… read more
JKCPA
JKCPA
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Bill, I wrote to you the other day. I was reading about the
Bill, I wrote to you the other day. I was reading about the Relief Act of 1997 which is the roll over or once in a lifetime option. My question is. My Mom has her house listed in California for $361,0… read more
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