Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Connect one-on-one with {0} who will answer your question

Related Capital Gains and Losses Questions
We live in Winnipeg. My husband's father died in Nov 2020.
Hello.We live in Winnipeg. My husband's father died in Nov 2020. He left his house equally to my husband and his brother. We are considering buying the brother's half of the house, renovating, renting… read more
AndrewD914
AndrewD914
Client Services Professional
Bachelor's Degree
191 satisfied customers
Jim, would the sale of the land be considered a long term
Jim, would the sale of the land be considered a long term capital gain? My husband and I are retired but with our pensions and social security our gross income approaches 100K annually. I am really go… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,542 satisfied customers
We recently purchased and remodeled a farm house which our
Hi. We recently purchased and remodeled a farm house which our daughter is buying from us. We financed the remodel thru a HELOC on our home. We are gifting her two acres of land to go with the house. … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
3,077 satisfied customers
From in Zephyrhills. Am canadian citizen...purchased mobile
Am canadian citizen...purchased mobile home in Zephyrhills park 15 years ago and spend November to April there.. Looking for sell and in the next few years and return to Canada. Am I required to pay capital gains...and how is this calculated? Thanks … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,194 satisfied customers
A mother gifts a piece of highly appreciated property to her
A mother gifts a piece of highly appreciated property to her son on the condition that the son will gift some money to his siblings to make it all fair. She could have sold the property to him and the… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
24,091 satisfied customers
I inherited a piece of land when my father passed away
Hi. I inherited a piece of land when my father passed away several years ago. I want to either sell it and give the proceeds to my son or transfer it to him so he can sell it and keep the profits. I w… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I have owned my home for 30 years. I am married. Cost of
I have owned my home for 30 years. I am married. Cost of home as land initially was about 175,000.00 I can probably net around 800,000.00 for it. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
We sold 1.8 acres with our horse barn on the property. We
we sold 1.8 acres with our horse barn on the property. We had owned the property for 20 years. We had quite an investment in the barn. The new owner had it appraised so he could have it insured, total… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
24,091 satisfied customers
I am an equity member in a county club in which I use for my
I am an equity member in a county club in which I use for my real estate business as a realtor. Membership is in my name, not a company name. I paid $70,000 for a membership years ago and now they are… read more
taxmanrog
taxmanrog
Master's Degree
2,203 satisfied customers
My primary residence has a home and 100 acres. Bought it
My primary residence has a home and 100 acres. Bought it over 10 years ago. We subsidized and sold 70 acres and retained the 30 plus the home. Reinvested the proceeds into reducing the mortgage on the… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,882 satisfied customers
My parents bought a house 50 years ago for 30k...I inherited
My parents bought a house 50 years ago for 30k...I inherited it upon their death 30 years ago...it's value at that time was 200k It is now valued at approximately700k. I am a single, 65 year old disab… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
24,091 satisfied customers
How do you compute capitol gains on a rental property sale
how do you compute capitol gains on a rental property sale where land is valued at 28% of property and land at 72%?… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,882 satisfied customers
I purchased property in 2003 with about 67.5 acres. I
Hello,I purchased property in 2003 with about 67.5 acres. I believe the original price we paid was $180,000. The property was subdivided into a 40 acre parcel and 27.5 acre parcel. The 40 acre parcel … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,882 satisfied customers
My mother is 98 years old, has dementia, and is living in a
My mother is 98 years old, has dementia, and is living in a rural Colorado skilled nursing facility. She has social security, some help from a long-term care policy, and is self-paying due to the sale… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
My wife and I are currently in escrow, selling the vacant lot
My wife and I are currently in escrow, selling the vacant lot adjacent to our residence lot in Marin County, CA. We have lived on the property 27 years continuously. We decided not to build another ho… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
Follow-up question on Capital Gains Taxes: Could you define
Follow-up question on Capital Gains Taxes: Could you define "commercial enterprise" ? We cash rented our farm ground to a farmer and claimed this income on our taxes. Is this considered a commercial b… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
My mother wants to give me her small rental trailer park and
My mother wants to give me her small rental trailer park and 2 other seperate rental lots. If she gives them to me will I have to pay capitol gain taxes? Only one lot is rented out as she's no longer … read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
1 sister purchased from 2 brothers the home and land from their deceased
1 sister purchased from 2 brothers the home and land from their deceased parents of 2011. The father died 9 years ago and the mother died in 2011. Each brother sold their portion for $25000 each. The … read more
Charles Markham
Charles Markham
Principal
Masters Science Taxation
775 satisfied customers
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.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

86 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

R. Klein, EA

R. Klein, EA

Enrolled Agent

271 satisfied customers

Over 20 Years experience in resolving tough tax cases

< Previous | Next >

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.

Show MoreShow Less

Ask Your Question

x