Capital Gains and Losses

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Divorced and received rental property in the settlement.
Divorced and received rental property in the settlement. Selling the house and I keep the equity. What are the tax implications both on him and on me? … read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,178 satisfied customers
When a property was purchased in 1965 by a couple and the
When a property was purchased in 1965 by a couple and the wife received it in 1983 as part of a divorce settlement, is Capital gains figured from … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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My husband and his mother (now 80) were both on the deed for
My husband and his mother (now 80) were both on the deed for the family home in Alamosa, Colorado where she resided. She has been in assisted living for 3 mos. now. On advise from family they took her… read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,178 satisfied customers
I am in the process of reaching a settlement with the town
I am in the process of reaching a settlement with the town of Durham where they are admitting wrong and willing to pay damages.Can damages ever be non taxable?Can damages be treated as capital gains?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
I have recently been involved in a settlement agreement in
Hello, I have recently been involved in a settlement agreement in lieu of litigation against the seller of my home (one of two unit condo). The seller did not disclose the fact that he removed moldy s… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
I have a question for a tax professional who is familiar
Hi, I have a question for a tax professional who is familiar with capital gains and family law.My ex husband and I got divorced in 2009, amicable divorce. When married we purchased a house in 2004 for… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
I took out a homebuyer credit in taxes 2008. It was
I took out a homebuyer credit in taxes 2008. It was foreclosed in 2014. I don't know how to determine gain/losses....does the loan need to be paid back...re:form 5405 … read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,178 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
4,994 satisfied customers
Can I give $400,000 of profits from property sale to builder
Can I give $400,000 of profits from property sale to builder to hold as contingency and avoid capitol gains tax?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
My husband and I bought our house in 1978. He passed away in
My husband and I bought our house in 1978. He passed away in 2007. If I sold my house now, what would be the Capital Gain Tax I would have to pay?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,218 satisfied customers
My husband and his first wife divorced 8 years ago. He bought
My husband and his first wife divorced 8 years ago. He bought her out of an investment property appraised at $265k that he had acquired before their marriage for @$90k. The two had refinanced during t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
My husband and I separated and sold our home in Florida. We
My husband and I separated and sold our home in Florida. We sold it 25 months after purchase, but I moved out after living there 19 months. I took a loss on the home because I put more money into the … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 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
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Property sale $720,000 Basis $380,000 Expenses est. $40,000
Property sale $720,000 Basis $380,000 Expenses est. $40,000 Property is in a trust with 3 daughters (not brother), court supervised agreement stipulates 50% of net sale proceeds is to be paid to broth… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
My husband's ex-wife took a loan out under her LLC in
My husband's ex-wife took a loan out under her LLC in 2006 for a office/property for $385,000. They divorced in 2009 and my husband has been paying all the bills for the property since the inception o… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Looks like i'm getting the house in the divorce. I will need
looks like i'm getting the house in the divorce. I will need to sell it though. If I reinvest the profits by buying a condo (minus 250,00) will I have to pay capital gains? How long to I have to buy n… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
how long do I have to reinvest income received from the sale
how long do I have to reinvest income received from the sale of residential property. im recently divorced and gained 55000 dollars as a settlement. he kept the two properties and I received the money… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Question - My husband and his ex-wife sold their home in 2011.
Question - My husband and his ex-wife sold their home in 2011. The purchased the home for $460,000, sold it for $595,000. They split the proceeds and then we purchased a home for $415,000. What do I d… read more
USTaxAdvising
USTaxAdvising
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