Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

My father put on this house in 2007 and he passed away in…

Customer Question
My father put on...

My father put on this house in 2007 and he passed away in 2010 and now we want to sell the house. what if any would be a capital gain tax

Accountant's Assistant: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Please tell me more, so we can help you best.

The house is selling for 110.000.00 the buyers are ready to close . how much would a capital gains tax

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The house was rebuilt in 1999 he put 75000.00 in it

Submitted: 4 months ago.Category: Capital Gains and Losses
Show More
Show Less
Ask Your Own Capital Gains and Losses Question
Answered in 4 minutes by:
11/22/2017
Tax Expert: bkb1956, Enrolled Agent/Real Estate & Corporate Paralegal replied 4 months ago
bkb1956
bkb1956, Enrolled Agent/Real Estate & Corporate Paralegal
Category: Capital Gains and Losses
Satisfied Customers: 5,771
Experience: 20+ years of experience as a tax preparer; 30+ years of experience as a real estate and corporate paralegal
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Did your father gift the house in 2007? If so, to whom?

Or did your father just add you to the deed?

Who lives in the house? Was it ever rented?

Ask Your Own Capital Gains and Losses Question
Tax Expert: bkb1956, Enrolled Agent/Real Estate & Corporate Paralegal replied 4 months ago

.

Ask Your Own Capital Gains and Losses Question
Was this answer helpful?
Ask bkb1956 Your Own Question
bkb1956
bkb1956
bkb1956, Enrolled Agent/Real Estate & Corporate Paralegal
Category: Capital Gains and Losses
Satisfied Customers: 5,771
5,771 Satisfied Customers
Experience: 20+ years of experience as a tax preparer; 30+ years of experience as a real estate and corporate paralegal

bkb1956 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

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

< Previous | Next >

Related Capital Gains and Losses Questions
I have a rental home in Utah and my wife and I thinking of
Hello. I have a rental home in Utah and my wife and I thinking of selling it due to the hotter market here. I was hoping you may be able to help me with calculating how this would impact me financiall… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
In what ways does the new Tax Law benefit a retired investor
HelloIn what ways does the new Tax Law benefit a retired investor in terms of the withdrawals from investments for income?… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
824 satisfied customers
Trying to finish up my taxes in turbotax. I bought a
Trying to finish up my taxes in turbotax. I bought a building in 2017 for a business I opened. I spent about $75,000 fixing it up so far. I had to replace 3 HVAC units at a cost of about &19,000 but c… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
I have 7 siblings who inherited and investment brokerage
I have 7 siblings who inherited and investment brokerage account from our deceased mother. We were all given a K1 form to pay taxes 14% on $138 capital gains which comes to about $20. We are told on l… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
824 satisfied customers
I own a primary residence in California. Thinking of renting
I own a primary residence in California. Thinking of renting it out in October 2018. The house could do with a new fence and carpet before renting it out. Does it behoove me to wait until tenants are … read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
My sister and I together with my two brothers inherited
My sister and I together with my two brothers inherited property (a 3 family house) owned by my Mother. When my sister filed a tax return one of the … read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
I'm trying to obtain a free record of account from the IRS
I'm trying to obtain a free record of account from the IRS for an LLC partnership of which I am a member. Should line 1a be the name of the LLC or my name?… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
77 satisfied customers
I have a friend who owes me 5,500$. He transfered his title
I have a friend who owes me 5,500$. He transfered his title of his mobile home that he owns to me in order for him to take a loan out from his thrift savings plan. The only way he could get the loan i… read more
Carter McBride
Carter McBride
LLM
957 satisfied customers
I paid $150 for my "fixer" 31 years ago. I want to sell it
I paid $150 for my "fixer" 31 years ago. I want to sell it and move to GA and buy another home. Substantial $$ were paid to make the house livable and then additional $ upgrade were done over the year… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Now another questions. We each can give each son $14K a year
Thanks. Now another questions. We each can give each son $14K a year without their having to pay taxes as far as I know. However if we were to give them a much larger lump sum it would be taxed. Howev… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
Regarding NY income tax law: my taxable income for 2017 was
Regarding NY income tax law: my taxable income for 2017 was $2,964, all the 'realized gains' of sold stock; do I have to file a return? Thanks.… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
824 satisfied customers
Each answer you provide forms another sensible to me
Each answer you provide forms another sensible to me question. My wife get a set pension based on here last salaries which are taxed when she gets a green card, I live on SS and RMD without having put… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
Another question. Can a non-citizen by either of the
Another question. Can a non-citizen by either of the following without being taxed on the interest? Would such be prudent given out economy and would it be prudent for me to put post taxed IRA money i… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
I sold my equity in a mini storage to my son. I took a note
I sold my equity in a mini storage to my son. I took a note from him for for 20 years at a 5 per cent interest rate. My accountant is using all payments as straight income. Can or should the principal… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On my 1099 form, regarding sold stock, is the "realized
On my 1099 form, regarding sold stock, is the "realized gain/loss" the only taxable income part?I'm new to the stock market, and all my income the past year was related to sold stock. So I conceptuall… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
Can you exclude gain from a home sale if you owned the home
Can you exclude gain from a home sale if you owned the home for 4 years as a primary residence? I understand the rule is 2 out of last 5 years.… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
Dad died in 2003. Estate settled. In 2017 we found that in
Dad died in 2003. Estate settled. In 2017 we found that in 2015 the state of Mass found unclaimed stocks and sold them( $15,000). We found it in the newspaper under unclaimed property. I reopened the … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How is capital gains handled this year. CApital gains8. How
How are capital gains handled in regard to income taxes… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
5,771 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x