Capital Gains and Losses

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We are curious if we need to pay Capital gains on the house
We are curious if we need to pay Capital gains on the house we just sold we started renting it in sept of 2019 and then purchased it in Jan of 2020 for 400k. We just sold it for 500k … read more
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If my mother gifts me acreage is there some point where I
If my mother gifts me acreage is there some point where I wouldn't have to pay capital gains taxes if I sold the land? … read more
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Jim, would the sale of the land be considered a long term
Jim, would the sale of the land be considered a long term capital gain? My husband and I are retired but with our pensions and social security our gross income approaches 100K annually. I am really go… read more
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We recently purchased and remodeled a farm house which our
Hi. We recently purchased and remodeled a farm house which our daughter is buying from us. We financed the remodel thru a HELOC on our home. We are gifting her two acres of land to go with the house. … read more
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IF i SELL A PARCEL OF LAND 25 ACRES OUT OF 55 ACRES THAT i
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Can you describe the primary residence exclusion term in
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ALEX O
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We built a home mortgage free in which we invested $250,000.
We built a home mortgage free in which we invested $250,000. If we sell the home for $150,000 through a contract for deed with a monthly installment of $700 for two years, at which time the final paym… read more
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Owned a rental home in Ortley Beach, NJ. The house, part of
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Chad EA, CDFA®, CFP®
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My primary residence has a home and 100 acres. Bought it
My primary residence has a home and 100 acres. Bought it over 10 years ago. We subsidized and sold 70 acres and retained the 30 plus the home. Reinvested the proceeds into reducing the mortgage on the… read more
Stephen G.
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My husband and I purchased our home in 2000, and did some
My husband and I purchased our home in 2000, and did some major additions and renovations. Our basis is about $2 mil. There is a cottage on our property which we rent out, declare income, and deprecia… read more
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My mother is 98 years old, has dementia, and is living in a
My mother is 98 years old, has dementia, and is living in a rural Colorado skilled nursing facility. She has social security, some help from a long-term care policy, and is self-paying due to the sale… read more
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My husband and I purchased our home with 9.7 acres in 1972.
My husband and I purchased our home with 9.7 acres in 1972. We are now selling 5.5 acres of our land to a neighbor. It is not a subdivision, but rather a simple lot line adjustment. We are in our seve… read more
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My wife and I sold a 16 acre piece of undeveloped land this
My wife and I sold a 16 acre piece of undeveloped land this year for 4500/acre (7% commission cost). When this land was purchased in 2004, an S corporation owned 100% by myself purchased the land for … read more
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Follow-up question on Capital Gains Taxes: Could you define
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I sold my home in Santa Clara County and am buying a house
I sold my home in Santa Clara County and am buying a house in Los Angeles County (and am meeting the requirements of Proposition 90). Will my property taxes on the new place be (1.) exactly the same a… read more
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My ex husband bought our house in 1993 for 450. Loan was for
My ex husband bought our house in 1993 for 450. Loan was for 325. It was in his name only until 2003, when we refinanced for 425 in both names. In 2004, we got divorced and I had to buy him out for ex… read more
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Dad died last week and willed several real estate properties (7 properties) to three children to be divided equally. I expect to inherit one or two of these properties. I am currently 60 years old and… read more
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I have been engaged in the development of an inner-city parcel
I have been engaged in the development of an inner-city parcel of land as a primary residence - I am a renter and do not own any other residence - over the last 8 years. Recently I have considered thr… read more
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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.

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