Capital Gains and Losses

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

Ask an Expert,
Get an Answer ASAP!

Related Capital Gains and Losses Questions
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
2,720 satisfied customers
I have a factory job and have started a side business this
I have a factory job and have started a side business this year. I purchased the commercial property in my name and formed the LLC as the sole member. I have s corp status. No income yet, I plan to ea… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Currently, is the mortgage interest deduction's $1,000,0000
Currently, is the mortgage interest deduction's $1,000,0000 cap per mortgage or an aggregate of all mortgages on the balance sheet? And, does it apply to investment real estate?Thank you.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If parent/50% property owner partner passes away; if I sell
If parent/50% property owner partner passes away; if I sell the property we own, before she passes away,(DOD) but in the same tax year, Does she still have to pay the taxes associated with the sale? J… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,000 satisfied customers
I have a question related to adjusting the cost basis for a
I have a question related to adjusting the cost basis for a cooperative. In particularm I would like an expert who is familar with the provisions of 26 USC 216 and the specifics in 26 CFR 1.216-1 for … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
Will it cost me? Quicken is asking me to enter the
Quicken is asking me to enter the AMT Depreciation for thje house I sold during the year … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
My son and girlfriend were trying to buy a house in 2010.
My son and girlfriend were trying to buy a house in 2010. Because of the 2008/2009 burst housing bubble, mortgages were tight. They had a fairly short work history and were not able to qualify for a l… read more
Mark D
Mark D
Master's Degree
1,126 satisfied customers
I bought my house for 59,999.00 and owed 43,000.00 sold for
I bought my house for 59,999.00 and owed 43,000.00 sold for 95,000.00 received approx. 45,000.oo profit. I have paid out a goodly sum for improvements I don't have the figure. How do I protect my earn… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Tax Question: Here is a scenario: A Partnership entity owns
Tax Question:Here is a scenario:A Partnership entity owns a building since last 10 years. They have an existing mortgage secured by the building. Currently the building has appreciated and they refina… read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
My husband and I went through a divorce. I was on the deed
My husband and I went through a divorce. I was on the deed but not the mortgage. We had a capital gain. He was sent a 1099 saying the sale was reported under his SSN. Do I owe half of the capital gain… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
I sold a 2nd home I owned years in 2015. It was also used
I sold a 2nd home I owned for 13 years in 2015. It was also used for short term vacation rentals. Deprec basis $149,250 / 27.5 years=$5427/yr x 13.15 yrs owned=$71,365. Avg business use=86.44% x $71,3… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
I sold my home in january 2015, closing costs were 42K, I
I sold my home for 635K in january 2015, closing costs were 42K, I bought the land in 1995 for 70k, I took a mortgage for 150K to build. In the past 20 years I spent 169K in repairs and improvements. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
We had a piece of land that we were underwater on. To eliminate
We had a piece of land that we were underwater on. To eliminate our debt without taking a hit to our credit we made a deal with the bank to take back the land in addition to us paying them a lump sum.… read more
CGassist.168
CGassist.168
Accountant
4,911 satisfied customers
I have a rental home that has been a money pit for several
I have a rental home that has been a money pit for several years now, but have not been able to afford to sell it due to the decrease in value. It is getting close to the of point where I think I migh… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
609 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
609 satisfied customers
we are liquidating apartments and commercial space in a building
we are liquidating apartments and commercial space in a building which we completed the construction of in 1983 and formed a condominium, We have held these apartments in condominium form and rented t… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
I bought an unimproved vacant six acre site for residential
I bought an unimproved vacant six acre site for residential development in 2007. Have spent hundreds of thousands on carrying costs and engineering plans and permits to get it to the point where it co… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
We lost some vacant land property to a short sale last year
We lost some vacant land property to a short sale last year due to a balloon loan that was due and we couldn't finance (no one would lend on bare land). We own a business which is located on the same … read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 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:

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

< 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