Capital Gains and Losses

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In March of this year we sold our home in Colorado. In May
In March of this year we sold our home in Colorado. In May of this year we purchased a home in Arizona. Due to health concerns we are selling the home we purchase 4 months ago in Southern Arizona to m… read more
CGassist.168
CGassist.168
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CLIENT SOLD A COMMERCIAL BUILDING THAT WAS OWNED PERSONALLY
CLIENT SOLD A COMMERCIAL BUILDING THAT WAS OWNED PERSONALLY BUT USED IN A BUSINESS BUT NEVER DEPRECIATED OR EXPENSED BECAUSE IT WAS A PERSONAL INVESTMENT THEY RECEIVED A 1099-S (PERSONALLY). DO I JUST… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,058 satisfied customers
My Mother deeded her residence over to me and my sister in
My Mother deeded her residence over to me and my sister in 1996 retaining a life estate interest. We paid nothing for the home. She passed in January 2017 and my sister bought me out for $30,000 Decem… read more
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I/m selling my rental home. Can expenses for getting the
I/m selling my rental home. Can expenses for getting the property ready to show (painting, replars, cleaning, etc) be considered selling costs which would reduce the capital gain amount once sold? … read more
Gerald, Esq
Gerald, Esq
Juris Doctor
11,122 satisfied customers
My wife took ownership of her fathers house in 04 just to
My wife took ownership of her fathers house in 04 just to help him out no money changed hands. As sothis was not a part of his estate. Now a few years after his death she is selling it. How is the cap… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,058 satisfied customers
I hv a sole proprietorship company. If I purchase an office
I hv a sole proprietorship company. If I purchase an office space to run company operations, can I show it as an office space investment and write off in taxes?… read more
levr
levr
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
Second opinion] I converted my main home to a rental in
Second opinion] I converted my main home to a rental in 2007, fmv 499k at conversion, I sold that property2016, for 485k do I need to show anything on the tax return. I did not receive any 1099sfor th… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,058 satisfied customers
We are selling our second home (spend 6 months per year) for
We are selling our second home (spend 6 months per year) for the last 5 years plus however not our primary residence. Our second home is in Arizona listed at $269,000. What is the capitol gains tax ra… read more
Richard
Richard
Owner
Doctoral Degree
54,574 satisfied customers
Totally post on this. I put my children on deed of rental
Totally post on this. I put my children on deed of rental property. Which I rented thru an s Corp . Pretty much lost mone or broke even every year. Value of unused up over 20 years. What are kids faci… read more
Richard
Richard
Owner
Doctoral Degree
54,574 satisfied customers
I have a question regarding a client (married couple) who
Hi, I have a question regarding a client (married couple) who sold a coop in which they have lived in since 1999 and sold for over a million dollars, aside from the 500,000 exclusion. being that they … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I work company that grants me restricted stock. It Vests in
I work for a company that grants me restricted stock. It Vests in 5 years. I usually sell it ASAP if the market is good. Last year my stock was granted 04/03/2015, I sold it on 04/06/2015. When my sto… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,118 satisfied customers
Im assisting my Mother in Law with a past tax issue. I dont
I'm assisting my Mother in Law with a past tax issue. I don't have many original documents but I do have the Wage and Income Transcripts. She has several 1099 B Forms where the "Recipient Indicator" s… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
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I have to report a capital gain on the sale of my moms house,
I have to report a capital gain on the sale of my mom's house, which was quit-claimed over to me and my two siblings several years ago, which took place this past year (2013). I assume the "basis" on … read more
PhillipB EA
PhillipB EA
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130 satisfied customers
Purchased a house over 30 years ago at a college campus. Paid
Purchased a house over 30 years ago at a college campus. Paid 33 thousand and have contract for 88 thousand. My husband passed away and I need to sell the house. His death was service connected. When … read more
Taxtom
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Bachelor's Degree
1,466 satisfied customers
We are a samll C Corporation in NY in business for 25 years
We are a samll C Corporation in NY in business for 25 years In 2013 the company purchased two SUV Vehicles. Each will be used 85% for business, 15% personal usage by owners. Both have GSWR in excess o… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I have a small tree farm on my property in Washington state(not
I have a small tree farm on my property in Washington state(not run as a business). In October I harvested 200+ trees and received money for them from a local sawmill. My costs to harvest this tim… read more
PhillipB EA
PhillipB EA
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Bachelor's Degree
130 satisfied customers
I am thinking about selling a small Sub S business I purchased
I am thinking about selling a small Sub S business I purchased in 1988 this year.If I sell it for $400,000 will I pay long term capital gains on the total price of $400,000 or will I be able to deduct… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
How do I determine the adjusted basis. The trees grew and were
How do I determine the adjusted basis. The trees grew and were cut by a logging company at our second home. How would I determine any loss - the cost to travel there to maintain the property?… read more
USTaxAdvising
USTaxAdvising
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