Capital Gains and Losses

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My mom transferred her home deed to me past 15years ago. Now
Hi, my mom transferred her home deed to me past 15years ago. Now I want to sell this 2nd home values $550k but will paying 24% in capital gains taxes(federal and Oregon) at $110k cost. Can I avoid thi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,123 satisfied customers
I bought a second home in January of 2018. It was my
I bought a second home in January of 2018. It was my mother's home she went into a nursing home. I bought it for $156,000. I sold it in December of 2020 for $255,000. Do I have to pay capital gains ta… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
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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
Lev
Lev
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Bachelor's Degree Equivalent
42,123 satisfied customers
Sold the house for $456,000 I believe I can claim 250 exempt
Sold the house for $456,000 I believe I can claim 250 exempt for capital gains just need to make sure that I am responsible for $206,000 to pay taxes on it 3.33 … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I'm purchasing a home from my mother inlaw. Single family
I'm purchasing a home from my mother inlaw JA: What are the assets or property involved here? Customer: Single family home JA: Anything else you want the Accountant to know before I connect you? Custo… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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My Wife and I are looking into selling our property. Just
My Wife and I are looking into selling our property. Just trying to get an idea of what we might owe in capital gains. Our situation is unique, so hopefully I can lay it out for you. The property was … read more
Carter McBride
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I asked a question yesterday and am still a little unclear.
I asked a question yesterday and am still a little unclear. If we bought a house from my mother in law for $370K with a $140K gift of equity. Would she calculate her profit based on $370K or subtract … read more
Barbara
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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),
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In California, there used to be a one-time "dump" of capitol
In California, there used to be a one-time "dump" of capitol gains on the sale of your primary residence if you were 55 or over, and met certain conditions. Is this still in place? If so, what are the… read more
emc011075
emc011075
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Both my parents passed away last fall. They lived in house
Both my parents passed away last fall. They lived in house in Massachusetts which they bought for 135K back in 2000. At the time because of their credit issues my sister had to put the house in her na… read more
Stephen G.
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I inherited a GST-exempt Trust in June 2008 when my mother
I inherited a GST-exempt Trust in June 2008 when my mother passed away. There is a house in the trust that was partly owned by my mother and partly owned by myself and my husband. When my mother passe… read more
Lev
Lev
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My mother (US Citizen) and mother-in-law (Canadian) want to
My mother (US Citizen) and mother-in-law (Canadian) want to distribute their assets before their death. They want to buy a house for our child, that we can live in (for a reduced rent). What is the be… read more
R. Klein, EA
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I'm not sure you received my last question. Is "fair market
I'm not sure you received my last question. Is "fair market value" comparable to recently appraised value? Rural residences with 40 acres are hard to compare because no two are alike. Looking at the l… read more
R. Klein, EA
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My mother is 98 years old, has dementia, and is living in a
My mother is 98 years old, has dementia, and is living in a rural Colorado skilled nursing facility. She has social security, some help from a long-term care policy, and is self-paying due to the sale… read more
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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
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My parents gave me an old 40 acre farm with no useable buildings.
My parents gave me an old 40 acre farm with no useable buildings. I would like to sell the farm and buy a house to live in. How can I do this without paying capital gains taxes?… read more
USTaxAdvising
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1. 3 HEIRS INHERITED PARENTS FAMILY HOME IN 1996. BASIS OF
1. 3 HEIRS INHERITED PARENTS' FAMILY HOME IN 1996. BASIS OF PROPERTY AT THAT TIME WAS APPROXIMATELY 240,000 . ESTATE TAXES WERE NOT PAID UNTIL TY 2005, AND HOUSE WAS DISTRIBUTED TO A PARTNERSHIPWITH 3… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
Dad died last week and willed several real estate properties
Dad died last week and willed several real estate properties (7 properties) to three children to be divided equally. I expect to inherit one or two of these properties. I am currently 60 years old and… read more
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