Capital Gains and Losses

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We want to buy a new house, but have not sold our house yet.
Hi - We want to buy a new house, but have not sold our house yet. We bought our house 37 years ago for $75K and it is has been appraised at $550K - 10 acres with house in popular area. I know there is… read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,152 satisfied customers
My husband and I bought a primary residence house in Sept.
My husband and I bought a primary residence house in Sept. 2016 and sold our previous primary residence house in Jan. 2017. We took the Capital Gains tax exemption on the house we sold. We are in the … read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,152 satisfied customers
We purchased a property in Riverside California 14 years ago
Hi, We purchased a property in Riverside California 14 years ago for $400,000 that we use as a construction yard but it also has a house on it that we rent out. We spent only about $7,500 in upgrades … read more
PDtax
PDtax
Owner
Master's Degree
9,540 satisfied customers
My wife and I sold our gas mineral rights for $50,000.00 3
My wife and I sold our gas mineral rights for $50,000.00 3 months ago. I have a 401K at work that I've contributed 22,141.03 into. I'm 60 yrs old and my wife also works. Is there anything else we can … read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,152 satisfied customers
I sold my Home this year and made 102,000 in capital gains.
I sold my Home this year and made 102,000 in capital gains. I was in this home for only 20 months. My Taxable income this year is 45,000. Do I have to pay capital gains Tax and how much do I owe… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,388 satisfied customers
I bought a house in Jan 1968 $ and sold it onAug 30, 1969
I bought a house in Jan 1968 for 20318$ and sold it onAug 30, 1969 for 22,400$, for an unadjusted gain of 2082$ I lived in the home less than 2 yrs. I then bought a more expensive home for 40000 on Fe… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I live in florida, have owned my house years, bought another
Customer: I live in florida, have owned my house for 15 years, bought another house in Florida which I'm planning to occupy January. When I sell my first house which is on the market for lets say $350… read more
Richard
Richard
Owner
Doctoral Degree
54,574 satisfied customers
We lived on this property yrs. It has a home and a shop. We
We lived on this property for 30 yrs. It has a home and a shop. We ran a trucking company out of the shop. We purchased another home and moved 4 yrs ago. We continued to use the shop for running our b… read more
levr
levr
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
Our principle home is in New Hampshire. We have a vacation
Our principle home is in New Hampshire. We have a vacation condo in Florida we are thinking of selling and getting a different property. We paid approximately $100,000 for the condo and will be sellin… read more
Richard
Richard
Owner
Doctoral Degree
54,574 satisfied customers
We are selling our cottage that we have owned yrs. ourchase
We are selling our cottage that we have owned for 16 yrs. ourchase price was $67000.00. We have made many improvements totalling $150,000.00. We plan on selling for $ 235,000. Are we responsible for a… read more
CGassist.168
CGassist.168
Accountant
5,189 satisfied customers
My primary residence is in Texas, I rent a home in ND as we
My primary residence is in Texas, I rent a home in ND as we have a temp assignment up here. We rent out our texas home while away on assignments. Now I am thinking of selling our Texas house. What is … read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Were considering selling two homes - our primary residence
We're considering selling two homes - our primary residence and a vaction home. Balance primary $170,000- secondary $283,000. We then will purchase a new primary residence(condo) worth $375,000. Is th… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
My husband and I are selling our beach house in NJ. He has
My husband and I are selling our beach house in NJ. He has been living in it full time since our separation 3/12. Thinking to file separately this year so he can claim NJ residency for 2012 and 2013, … read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 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
263 satisfied customers
My father just passed away and left his New Jersey home to
My father just passed away and left his New Jersey home to his children. There are three of us and we all live in New Jersey. The house is valued at $350,000 and will sell for same. His other assets t… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Looking for answers on capital gains ruling. We bought a 2
Looking for answers on capital gains ruling. We bought a 2 family in 1982 for 74,000. This was our primary home until 2008, the rental portion of the home was not rented after January 2006. So no inco… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
What is tax liability for home sold in CA at $315k over price
What is tax liability for home sold in CA at $315k over price purchased at 13 yrs ago, for a couple married filing jointly? Note, we had not been living in house for about 5 yrs when sold as work sent… read more
FredStevens
FredStevens
Accountant
Bachelor's Degree
37 satisfied customers
We have a home in Westchester County NY that we purchased in
We have a home in Westchester County NY that we purchased in 1998 for $280,000 with a current market value in the low $600,000 range. We have been living and renting in Massachusetts the past 5 years,… read more
Bill-the-CPA
Bill-the-CPA
Certified Public Accountant (CPA)
Master's Degree
55 satisfied customers
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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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