Capital Gains and Losses

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Related Capital Gains and Losses Questions
Capital gains tax on my house. Bought 2017 @ 180500. Dont
capital gains tax on my house JA: When did you acquire the house? What was the initial value? Customer: bought 2017 @ 180500 JA: Is there anything else the Accountant should know before I connect you?… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
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We have a tax question. I am purchasing my sister's home in
We have a tax question. I am purchasing my sister's home in California which she purchased in 2013 for $270,000 (and refinanced in Nov. 2020 for $315,000). The home was appraised at $535,000. We are g… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Can you rollover a capital gain on a vacation property into
Can you rollover a capital gain on a vacation property into a reverse mortgage on your primary home without paying capital gains tax to IRS? … read more
Barbara
Barbara
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I have an investment home. Every month I make an extra $300
I have an investment home. Every month I make an extra $300 payment towards principal in order to accelerate the loan repayment. Now I recently I discovered that when you sell investment home, you wil… read more
emc011075
emc011075
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Bachelor's Degree
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Unmarried couple have had a reverse mortgage on home for
Unmarried couple have had a reverse mortgage on home for over 10 years. Sold home for 199k. Reverse mortgage company was paid 135k. One of the owners got 33k and the other only 14500. Do taxes have to… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,554 satisfied customers
If husband and I live in separate homes in California both
If husband and I live in separate homes in California both are our primary residence and we sell one, what are the tax implications for selling the one home (capital gains) and what if in future we ch… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,307 satisfied customers
I am selling my house and will have a large capital gain.
I am selling my house and will have a large capital gain. What losses can be taken to offset the gain? I have my own company and have losses associated with the company. Can those losses be used?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
My wife and I are divorced and in process of selling a home.
my wife and I are divorced and in process of selling a home. Though we are tenants in common, the court has awarded me 84% ownership and she gets 16%. What is my exposure in capital gains? The gain af… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
3,028 satisfied customers
We're about to final a home sale in Calif. We bought the
We're about to final a home sale in Calif. We bought the land in 1983 for $360,000 (51 acres). We built a small home and lived in it for 6 years while we built a larger home, finaled in 1990. It is 45… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,554 satisfied customers
Confirm my state and federal capital gain for sale of 4plex.
Confirm my state and federal capital gain for sale of 4plex. Purchased Nov 2012 and lived in 1 unit until Jan 1, 2017. Here are my current calculations:Inputs: Original Purchase Price $ 824,162 Capita… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,779 satisfied customers
I'm a single filer and still owe 142k on a 350k appraised
Hi, I'm a single filer and still owe 142k on a 350k appraised house. Selling house makes me over 250k in gain so any profit over 250k gets taxed at my marginal rate (20-30% lately). Question, if I pla… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
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
emc011075
emc011075
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Bachelor's Degree
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I'd like some help understanding IF, in a Living Trust the
I'd like some help understanding IF, in a Living Trust the Proceeds from the Sale of a Home ie (Capital Gains) to the Beneficiaries is a Reportable/Taxable event? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,554 satisfied customers
I paid off my previous VAloan on my old primary residence in
I paid off my previous VAloan on my old primary residence in 2014 and reused VA for new residence. I moved after government retirement to another state in July 2014. I am selling previous house for 53… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,233 satisfied customers
My mother-in-law is a widow. She and her deceased husband
My mother-in-law is a widow. She and her deceased husband have owned their home since 1968. 1. What capital gains rules apply should she sell her home - does she qualify for the $250k or the $500k pro… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,779 satisfied customers
A married couple want to sell their primary home, how many
A married couple want to sell their primary home, how many years they have to live there in order to deduct the exclusion of $500,000? How should they calculate the capital gain? Can they deduct the d… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,307 satisfied customers
I have a reverse mortgage on my residence and was paid on it
I have a reverse mortgage on my residence and was paid on it several years ago. It now has accrued equity and I would like to sell it. Will I have to pay capital gains on the first sum of money from t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,779 satisfied customers
I sold my house in 2013 after owning it for 27 years. I received
I sold my house in 2013 after owning it for 27 years. I received a 1099s form, but am uncertain now about how to proceed. The house sold for $375,000 and the final seller's statement from the title co… read more
Tax.appeal.168
Tax.appeal.168
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