Capital Gains and Losses

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I need help completing form 4797 and Schedule D. I'm
I need help completing form 4797 and Schedule D. I'm generally familiar with Capital Gains and Depreciation Recapture and have already estimated and paid in the taxes. It is the specific completion of… read more
JeffS6413
JeffS6413
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I need help on a sale of rental property form 4797 and sect
I need help on a sale of rental property form 4797 and sect 121 exclusion set of questions… read more
HowardD414
HowardD414
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Sold our vacation rental for $310K. Purchased it in 2016 for
Sold our vacation rental for $310K. Purchased it in 2016 for $150.00 for the house and $20,000 for adjacent lot. The lot was a quitclaim deed at no value to me. How to calculate the capital gains. … read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
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Bought my house for $140.000 in 1995 Have rented it out
Bought my house for $140.000 in 1995 Have rented it out since. Approximate value on it now is about $350.000. I have claimed it on my income tax and have improvements. Just trying to get a general ide… read more
levr-tax-gain
levr-tax-gain
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I Like to know what federal tax form to report capital
I Like to know what federal tax form to report capital gains. I reside in Florida zip code 32358. 2019 I sold an apartment building in Arlington, Va. August 12, 2019. … read more
ALEX O
ALEX O
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I need help in determining my adjusted basis and gain on the
i need help in determining my adjusted basis and gain on the sale of my rental property … read more
ALEX O
ALEX O
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I have a term capital gain on residential real estate. IRS
I have a long term capital gain on residential real estate. IRS instructions say to put that gain on Schedule … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,973 satisfied customers
My husband sold his house this year...he had lived in the
My husband sold his house this year...he had lived in the house for 6 or 7 years with his ex-wife and family...then, he turned it into a rental because he was not able to sell it before we had met, ma… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I understand how to calculate capital gains based on cost
I understand how to calculate capital gains based on cost basis and so on when selling residential real estate used as investment property. One thing I'm struggling to understand is that if the cost b… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
CLIENT SOLD A COMMERCIAL BUILDING THAT WAS OWNED PERSONALLY
CLIENT SOLD A COMMERCIAL BUILDING THAT WAS OWNED PERSONALLY BUT USED IN A BUSINESS BUT NEVER DEPRECIATED OR EXPENSED BECAUSE IT WAS A PERSONAL INVESTMENT THEY RECEIVED A 1099-S (PERSONALLY). DO I JUST… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
I converted my main home to a rental in 2007, fmv 499k at
I converted my main home to a rental in 2007, fmv 499k at conversion, I sold that property 2016, for 485k do I need to show anything on the tax return. I did not receive any 1099s for the property. If… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,973 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
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
56,631 satisfied customers
In 2007 I owned and began renting a townhouse. Every year
In 2007 I owned and began renting a townhouse. Every year resulted in a loss which I was not able to claim because the combined incomes of my wife and I were too high. I claimed depreciation in each y… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,973 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
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Doctoral Degree
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I sell my rental property for $440.000 dollar. I was told
I sell my rental property for $440.000 dollar. I was told that I will have to pay 50% capital gain. House was purchase in 1971 for $36,000 , spend appr. $136.000 during the 46 years ( roof, windows, a… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,787 satisfied customers
I have a client who received a 1099C short sale of rental
Hello. I have a client who received a 1099C for a short sale of rental real estate. She doesn't qualify for insolvency. The amount includes interest that would have been deductible. So I've deducted t… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
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How do I determine basis and tax bracket gains owner
how do I determine basis and tax bracket for capital gains for an owner occupied duplex where I've basically taken all the depreciation deductions… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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Can you deduct the cost of improvements to a rental property
Can you deduct the cost of improvements to a rental property things that must be done to make it marketable?… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
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