Capital Gains and Losses

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Related Capital Gains and Losses Questions
I am selling my 2nd home in SC and reside in PA..I deducted
I am selling my 2nd home in SC and reside in PA..I deducted mortgage interest for PA state taxes; but since I don't file SC state taxes and did not deduct mortgage interest for SC can I deduct the Int… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 satisfied customers
I plan to sell my cottage in New York State in 2018 and wish
I plan to sell my cottage in New York State in 2018 and wish to avoid a tax on my capital gains profit of $200,000. My wife and I will have a taxable income of $50,000 (seems to be a 12% tax rate in 2… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 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
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I inherited 60 acre farm from my father 2010. I sold that
I inherited 60 acre farm from my father 2010 . I sold that property 2016. I do not know the valve of the property when he passed. I think I will have to pay gain only . … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,340 satisfied customers
LAW/LEGAL question: I have been living with my boyfriend in
LAW/LEGAL question: I have been living with my boyfriend in North Carolina in his house for 9.5 years. I have taken his last name. I own a house in my name only that I rent out. He owns two houses in … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
I use turbo tax each year. I am xx and on July 26,2016 I was
I use turbo tax each year. I am xx and on July 26,2016 I was awarded Incentive units in the company. The company sold on 9-1-2016 to Henkel Corp and I have a capital gain of $253,633.77 Some of my wor… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,340 satisfied customers
I have lived in Wisconsin all my life.I own a seasonal
I have lived in Wisconsin all my life.I own a seasonal summer lake cottage .16 years ago I purchased A Florida home. This was a second home but i sold my primary home in Wis and just have the cottage.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,340 satisfied customers
I bought a house in NC in 2006 which I thought would be my
I bought a house in NC in 2006 which I thought would be my primary residence. I did not get the job I thought I would have. I paid more than I will be getting and will not make a profit. Where do I at… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
We bought a house (2months ago) Nov. 2, 2015 (it is our
We bought a house (2months ago) Nov. 2, 2015 (it is our primary resident and only property we own). We have updated it. We want to put it up for sale in a few weeks and buy a home in a different neigh… read more
CGassist.168
CGassist.168
Accountant
5,417 satisfied customers
Next year, I will be selling a house that will give me a
Next year, I will be selling a house that will give me a gain. I will also be selling a house in another state that will result in a loss. Can I subtract the amount I lose on the second house from the… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
My wife and I have Partnership LLC in Oregon. Business is
My wife and I have Partnership LLC in Oregon. Business is Landscape Co. We filed 1065 for both federal return and Oregon for the last 10 years. In 2014 we sold the business. We have form 4797 income a… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 satisfied customers
I am NOT a resident of VA. Do I still have Cap Gains responsibility
I am NOT a resident of VA. Do I still have Cap Gains responsibility in VA? I AM a resident of FL. Do I have Cap Gains responsibility in FL? I thought CAP Gains was not related to my annual Federal tax… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Capital Gains question: We have 1 home we own which is in
Capital Gains question: We have 1 home we own which is in Texas, we have rented it out for the past 6 years while we have been on temp assignments. We are living in ND in a rented home and have been f… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
My wife and I own a vacation home (condo) in North Carolina
My wife and I own a vacation home (condo) in North Carolina which we rent out on a weekly basis. We have been claiming this as investment property on our federal taxes and taking a passive loss deduct… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
I currently own two home. One which I live in and one in which
I currently own two home. One which I live in and one in which I stay a couple of times a month for a few days. I am also building a new home that will be my residence when finished. I am spending a l… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,646 satisfied customers
My sister and I just recently sold a lake property sold that
My sister and I just recently sold a lake property that we have owned for 25+ years. It is a 3-season home, and was only used by the two of us off and on during the summers. If our income tax bracket … read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
My father just sold his vacation home for $139,000. He has
My father just sold his vacation home for $139,000. He has owned it for 31 years. He originally purchased the land for $25,000, added a home with improvements for $40,500 with a total of $65,500 for c… read more
FredStevens
FredStevens
Accountant
Bachelor's Degree
37 satisfied customers
Im in a second marriage and my husband set up a trust and
I'm in a second marriage and my husband set up a trust and I signed a form that I think said that the one-time capital gains will go to a lake home that I will not inherit from him. He says that's not… read more
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Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

263 satisfied customers

Over 20 Years experience in resolving tough tax cases

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

77 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

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