Capital Gains and Losses

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My husband and I bought and closed on a house on 12/22/2014.
Hello, My husband and I bought and closed on a house on 12/22/2014. We then sold it and closed on 6/11/2018. During that timeframe we lived there as our primary residence with the exception of 9 month… read more
TaxRobin
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We are selling a home in Phoenix Arizona that we've owned
We are selling a home in Phoenix Arizona that we've owned since 2009, we have not lived in that home since 2011, we have a cost basis of 34000 and a list price of 169000. What could the capital gains … read more
levr
levr
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I have rental property in Italy that I purchased in 2003. It
I have rental property in Italy that I purchased in 2003. It meets the criteria for a rental. I have used no more than two weeks a year, it is continuously marketed for rental. It consistently has run… read more
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I recently sold a property. The sale price was $835k. The
I recently sold a property. The sale price was $835k. The cash payout from fire damage was $447k.The adjusted basis of property is aprox $382k.What would I owe for federal tax and CA? And when should … read more
emc011075
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I have a very complex situation. My house has been in
I have a very complex situation. My house has been in preforeclosure for several years while I struggled with the bank in an attempt to get a loan modification. Not happening. Now I have to sell while… read more
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Three years ago I bought a house as rental property in
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About depreciation recapture: If I don't report depreciation
About depreciation recapture:If I don't report depreciation recapture for a former rental house that I gifted in 2017 to a relative. Does that mean that I am passing any tax hit on the depreciation ta… read more
levr
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Okay i desperately need help on where to put this sales
okay i desperately need help on where to put this sales transaction on the tax return and how to do the depreciation part I did not receive any statements regarding the sale and if I did not depreciat… read more
Lane
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I want to know how much i have to pay in taxes for a
I want to know how much i have to pay in taxes for a property that i sold … read more
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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
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Years ago, sold primary resident. Shortly after, paid cash
Years ago, sold primary resident. Shortly after, paid cash for small house ($280,000). Used house as rental shortly after purchase. Few years later, divorced. I got small house (rental) and financed $… read more
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I purchased a 4 family house in Rochester, NY in 2003 and
I purchased a 4 family house in Rochester, NY in 2003 and paid 100,000 for it. The house is under a sale contract for 150,000 and will close in January 2016. I have put on a new roof for 7000 and adde… read more
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My husband sold s rental house in Texas this year ,500. The
my husband sold his rental house in Texas this year for 47,500. The house was purchased for $40,000 in 1980 and has never been occupied by him. He co-owned the house with family members and the house … read more
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I am selling a house. I am wondering if I will be paying
I am selling a house. I am wondering if I will be paying more tax than what I had expected. The buyer and I entered a contract which states a higher purchase price than what we actually agreed, and we… read more
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Correcting depreciation on a sold rental house - I sold a rental house in 2014. In determining the capital gain, I realized that the cost basis on which I had depreciated it during the previous seven … read more
R. Klein, EA
R. Klein, EA
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Good afternoon, In order to compute the sale of a home (investment
Good afternoon, In order to compute the sale of a home (investment property)can I use the figures from a HUD or do I have to wait until the tittle cia issue a 1099S. ONE PROPERTY WAS A RENTAL PREVIOUS… read more
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I have a rental home that has been a money pit for several
I have a rental home that has been a money pit for several years now, but have not been able to afford to sell it due to the decrease in value. It is getting close to the of point where I think I migh… read more
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My ex wife and I owned a home jointly and after divorcing,
My ex wife and I owned a home jointly and after divorcing, we both moved out and converted it to a rental property. During that time I handled all income, taxes and deductions on the property as I pai… read more
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R. Klein, EA

R. Klein, EA

Enrolled Agent

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Over 20 Years experience in resolving tough tax cases

jgordosea

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

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PhillipB EA

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