Capital Gains and Losses

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I sold my house in February this year with $380k capital
I sold my house in February this year with $380k capital gain. As a single person i have a $250k allowance, which I have calculated to be only $150k due to the fact i used $100k to write of capital ga… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,665 satisfied customers
My father is 81 years old. He owns a home that is paid off.
My father is 81 years old. He owns a home that is paid off. He is looking to sell his home and move in with me.He's concerned about paying capital gains taxes? on the money he will receive from the sa… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,665 satisfied customers
I own a house in AL that we bought in 2000. We lived in the
I own a house in AL that we bought in 2000. We lived in the house until 2003. We moved to SC for a job, but could not see the house, so we have been renting. If I sell the house, do I have to pay capi… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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Preparing my 2020 return. I sold my primary residence in
Preparing my 2020 return. I sold my primary residence in July of 2020. Sale price was 295,000. The mortgage paid off was 184,000. After all closing costs and fees were paid I received a check for appr… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,535 satisfied customers
My friend is currently purchasing an owner-occupied home (
Hi,My friend is currently purchasing an owner-occupied home ( house A) , she purchased the other house as her primary home ( house B) in May 2020. According to the lender's guideline, she could not ow… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,535 satisfied customers
If we need to relocate due to work what percentage would we
If we need to relocate due to work what percentage would we pay in capital gains on our house that we bought less than a year ago? … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,776 satisfied customers
For wanting anonymity I created a blind real estate trust
For wanting anonymity I created a blind real estate trust which I am the beneficiary but my Lawyer is the trustee in order to buy 7 building lots of land near me at auction.My purchase price was appro… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,416 satisfied customers
We are located in Tennessee currently. We sold our previous
Hi, we are located in Tennessee currently. We sold our previous home in Virginia, and are planning to move to Maine. Our move to Tennessee was motivated by my mother's final stages of cancer. … read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,416 satisfied customers
I have 2 houses right next door from each other. I lived in
I have 2 houses right next door from each other. I lived in the 1st house for 17 years. We bought a lot and built a house and moved in March of 2016 into the new home. We completed repairs on the old … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I have a capital gains tax question. I have dual US & UK
I have a capital gains tax question. I have dual US & UK nationality and I'm moving to the UK in Jan 2018 and will register as resident there from the 1st Jan 2018. I have a house, that I've lived in … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
We are planning to move from Denver, CO, to the D.C. area
We are planning to move from Denver, CO, to the D.C. area (VA, MD, DC) next year. We have two houses here in Denver, the one we moved to 7.5 yrs ago and lived in with our family, which has almost doub… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,285 satisfied customers
How do you calculate capital gains tax on primary residence
how do you calculate capital gains tax on primary residence after 4 years of leaving residence?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
25,721 satisfied customers
We (wife and I) are moving (back) across the country for
We (wife and I) are moving (back) across the country for wife's recent job change and need to sell our current home. My question is: Will we be able to claim a pro-rata primary residence capital gains… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,825 satisfied customers
I owned a house year and rented it year; is there any way to
I owned a house for one year and rented it for one year; is there any way to get around the capital gains tax or at least reduce it? My understanding is I would have had to live in the house as my pri… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,776 satisfied customers
My mother is selling her house. She is 81. She lived in the
Hello, My mother is selling her house. She is 81. She lived in the home 12 years. It was her only residence. 2 years ago, March 2014 she had a stroke and had to move in with me. She could no longer dr… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,776 satisfied customers
I have a rental in Chicago. It was my primary residence
I have a rental in Chicago. It was my primary residence for 4 years before I had to move to another city. I leased the unit on Jan 1, 2013, and want to sell the unit. If sold, the likely gain will be … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
We have owned our WA house since 1986. My husband got a job
We have owned our WA house since 1986. My husband got a job in CA. He lived there August 2009-February 2015. We bought a condo in CA March 2011 and sold it Sept 2014. (We plan to pay capital gains on … 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
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