Capital Gains and Losses

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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
5,984 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
Tax advisor and Enrolled Agent
Bachelor's Degree
8,372 satisfied customers
We own a home in Ca. and want to sell it and move to
we own a home in Ca. and want to sell it and move to Arizona. Our Ca. house is worth about 700k and we purchased it in 1996 for 195k it is paid off. me and my wife recently purchased another house in … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
5,984 satisfied customers
I am selling my duplex that I have owned for almost 6 years.
I am selling my duplex that I have owned for almost 6 years. I lived in it for about a year then married and moved. My sister rented this duplex from me until last January when I moved back in. Will I… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
5,984 satisfied customers
I bought a home in 2016. I moved my husband to a different
I bought a home in 2016. I moved my husband to a different nursing home because the nursing home was better and it is close to my daughter who is a nurse and can help me keep an eye on my husband. My … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,372 satisfied customers
If i buy a house to flip just for a little extra income
if i buy a house to flip just for a little extra income because be are both retired and ss isn't enough do we have to pay capital gains taxes … read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
14,994 satisfied customers
I inherited a half share in a property (not my main
Hello. I inherited a half share in a property (not my main residence) in March 2016. I am considering selling my half (current value of property $1.4 million). I understand I will be up for Capital Ga… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
5,984 satisfied customers
IF I SELL MY HOME AND KEEP MY INCOME UNDER 40,000. THAT YEAR
IF I SELL MY HOME AND KEEP MY INCOME UNDER 40,000. THAT YEAR JUST SOCIAL SECURITY AND A SMALL CHECK. WILL I BE EXEMPT FROM CAPITAL GAINS ON THE SALE OF MY HOUSE? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
5,984 satisfied customers
I am planning to start a home flipping business. What are
Hi,I am planning to start a home flipping business. What are the best ways to avoid capital gains if I flip the home within an year after renovations. Eg: Home buying price: $500,000 Renovations: $100… read more
PDtax
PDtax
Owner
Master's Degree
9,530 satisfied customers
My wife and l currently live in a duplex in California.Live
My wife and l currently live in a duplex in California.Live in one unit as our home for twenty years,rent out second unit. We want to sell our California property in May, and live in Washington State … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,048 satisfied customers
If we sell our primary home in WA state and a second home in
If we sell our primary home in WA state and a second home in AZ and combine the proceeds to purchase a new primary home will we be subject to capital gains taxes on either sell? My husband & I are bot… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,070 satisfied customers
do I have to pay capital gains on a home that me and my wife
do I have to pay capital gains on a home that me and my wife purchased in sept/2014 in a different town as that is where her employment was.we also have a residence here in our home town where I am em… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
77 satisfied customers
I am a widower (my wife died 2002), 74 years old and live in
I am a widower (my wife died 2002), 74 years old and live in California. I wish to sell my home and purchase a smaller home still in California. My current home was purchased in 1980 for $165,000 and … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
We are selling our home in Minnesota and we have not lived
We are selling our home in Minnesota and we have not lived in it more then two years because we are relocating to Texas for my husbands job.We are set to make about $100,000 profit and as we understan… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Since March of 2011, I am under contract to sell my primary
Since March of 2011, I am under contract to sell my primary residence in state of Washington with escrow to close April 2013. I will profit about 500K from the sale. (250K is then exempt from capital … read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
I am selling my primary residence in state of Washington to
I am selling my primary residence in state of Washington to close April 2013 for 1,076K. I will profit about 500K from the sale. (250K is then exempt from capital gains) I am 60 yrs old. I have a job … read more
JerrySJD
JerrySJD
Attorney-at-Law
Doctoral Degree
612 satisfied customers
We have lived in current home for 7 years however it was originally
We have lived in current home for 7 years however it was originally purchased by my sister. We lived together for 4.5 years before she married and moved into her own home elsewhere. I have continued t… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Looking for answers on capital gains ruling. We bought a 2
Looking for answers on capital gains ruling. We bought a 2 family in 1982 for 74,000. This was our primary home until 2008, the rental portion of the home was not rented after January 2006. So no inco… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
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Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

263 satisfied customers

Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

77 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

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