Capital Gains and Losses

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Related Capital Gains and Losses Questions
Can I carry over capital losses in California if I'm a part
Can I carry over capital losses in California if I'm a part time resident? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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For a rental income... What happens if my expenses are more
For a rental income...What happens if my expenses are more than rent for the year? Does the loss carry over? Does it get added to the tax basis? Does the extra loss offer no benefit?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,558 satisfied customers
My primary residence built in 2006, was used as primary home
My primary residence built in 2006, was used as primary home until 2015. In 2015 I moved to a new home and could not sell this home as market was bad. So I rented it out and still remains rented. On t… read more
NelsonProTax
NelsonProTax
Remote Tax Support Expert
Master's Degree
2,690 satisfied customers
My question is regarding 1031 Exchanges. My husband and I
Second opinion] My question is regarding 1031 Exchanges. My husband and I recently sold a townhome, which we had been renting out for the past 9 years. The total straight-line depreciation was roughly… read more
Carter McBride
Carter McBride
LLM
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For NJ State taxes (not Federal taxes), can u offset capital
For NJ State taxes (not Federal taxes), can u offset capital gains on sale of rental property with passive loss carried forwards from past losses associated with this rental property? Or can u only ad… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
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I live in California. My house is my only resident, but it
I live in California. My house is my only resident, but it is a large place for me. I want to rent out my house, and find a small apartment to move in. I want to calculate the gain or lost by renting … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,317 satisfied customers
I have two questions: 1) I have a big capital loss carryover
I have two questions:1) I have a big capital loss carryover from 2017 plus more stock losses in 2018. Normally I am not allowed to use more than $3K for capital loss in a given year. But I sold a hous… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,779 satisfied customers
Many years ago (15?) I lost about 40K in stock trades. Soon
Many years ago (15?) I lost about 40K in stock trades. Soon after my income shifted and I had no capital gains to offset this loss. The carryover helped at times, but last filing (2016) I still had mo… read more
TaxRobin
TaxRobin
Tax Preparer
Vocational, Technical or Trade School
30,743 satisfied customers
Pearl. I sold my rental property in 2017. I rented it for
Hi, Pearl. I sold my rental property in 2017. I rented it for ten years and never reported carryover losses. I lost money every year. I have a capital gain and the carryover losses would eliminate it.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I own a condo overseas. It's rented to my uncle at lower
I own a condo overseas. It's rented to my uncle at lower than FMV price (about $7K/year). Therefore I cannot consider it as a business (by law) and I can deduct on schedule E essentially only the prop… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,317 satisfied customers
O.K- now the other side is, my property (1.23 acres) is
O.K- now the other side is, my property (1.23 acres) is dividable into 5. How does that effect Capital Gains? The thought is to sell to a developer then it wouldn't be a short sale but, not sure which… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,558 satisfied customers
I inherited a house when my mother passed away in 2012. The
I inherited a house when my mother passed away in 2012. The house sold in 2016 for less than the appraised fair market value in 2012 at the time my mother passed away. I want to take a capital loss on… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,558 satisfied customers
I bought two homes, fixed them through workers, and now I'm
I bought two homes, fixed them through workers, and now I'm renting them. I'm not planning on selling them. I'm planning on giving the contractors a 1099. So far, it's been investment money going in t… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
If we sell a home that we have been renting for less than
If we sell a home that we have been renting for less than the original purchase, is that considered a capital gains loss? And can we offset the loss against other capital gains and roll the excess for… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
We purchased a home in SC on 10/04/2006, purchase price
we purchased a home in SC on 10/04/2006, purchase price $185000, On 04/01/2011, we moved to NC, and rented out our SC home. The basis at that time was 113,000 for the house and 27000 for the land. It … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,240 satisfied customers
In June 2003 we purchased a parcel of undeveloped land
In June 2003 we purchased a parcel of undeveloped land (investment property) for $35k. In April 2015 we sold the undeveloped land for $5k. How do we declare this loss to IRS for 2015? If we sell a ren… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
I live in California. We file a joint return. My wife has
I live in California. We file a joint return. My wife has considerable capital gain to report. I have been sitting on about $165K of capital loss if I sell a worthless stock (TSTC), and I have been si… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
I have a $1 million loan on a $2 million house. I became disabled,
I have a $1 million loan on a $2 million house. I became disabled, could no longer work, and now I'm living on social security in a small rented apartment because I can't afford the house payments. I … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,779 satisfied customers
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