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
2,863 satisfied customers
I have sold my house this year and did'nt qualify for the
I have sold my house this year and did'nt qualify for the capital gains exemption. i have owned for less than two years. I now have $65,000.00 in long term capital gains for 2018. My Income; Soc. Sec.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,863 satisfied customers
If my w2 shows 115000.00 but my business shows a 100000.00
If my w2 shows 115000.00 but my business shows a 100000.00 loss will i have to pay any capital gains tax … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
Tell me about capital gains in state i plan sell my home and
tell me about capital gains in washington state i plan sell my home and make a profit of $700,000 … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
Iam selling my business that I have owned for over 25 years.
Iam selling my business that I have owned for over 25 years. I am hoping to have to pay 15% captial long term taxes. But the sale will push me over 700K in captial gains (long term) and I have an income of 180K.. My accountant says I have to pay on 20% as it pushes me into a higher tax bracket.. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
My income for the last several years has been 40,000 thru
My income for the last several years has been 40,000 thru dividends only as I am retired. I never had to pay any federal income tax on this amount because it was treated not ordinary income, Yesterday… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
If someone bought a house in California in the 50s (for say,
If someone bought a house in California in the 50s (for say, $10,000), and then sold it in 2015 (to live in a nursing home) for $450,000, but 80% of the proceeds went to pay off the reverse mortgage, … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
Morning mother sold a piece of investment commercial
Morning mother sold a piece of investment commercial property in delaware that she and father owned for 35 years. Purchase price 35 years ago $35,000 sales price $600,000. Her tax rate will be 15%...h… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,186 satisfied customers
I want to sell a piece of property and carry the note how
i want to sell a piece of property and carry the note how will this effect my taxes … read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
874 satisfied customers
I paid off my previous VAloan on my old primary residence in
I paid off my previous VAloan on my old primary residence in 2014 and reused VA for new residence. I moved after government retirement to another state in July 2014. I am selling previous house for 53… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
If I sell a cabin that I have used but not lived in do I
if I sell a cabin that I have used but not lived in do I have to pay income tax if I pay my home mortgage with the money?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
I sold a house and closed 3 days short of living in it
I sold a house and closed 3 days short of living in it for two years. Purchased at 160k Sold at 229500 2nd mortgage payoff was 15900 I received a check for 73256.00 My mother passed in sept 2015 and w… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
In the 80s, my father bought a large track of land and last
In the 80s, my father bought a large track of land and last year gave a portion of it to me and my husband. We estimate that portion to be worth about $120,000. He is a contractor and built us a house… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
I am selling a coop that I have been renting out. It is in
I am selling a coop that I have been renting out. It is in Brooklyn NY. What is capital gains rate? I bought for 79,000 and paid off mortgage in 2004 (11% interest). Am selling for $115,000. ***** ***… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,603 satisfied customers
1031 Partial Exchange Boot Received: Exchange property:
1031 Partial Exchange Boot Received: Exchange property: Original Purchased Price: $350,000. The entire depreciation of this house is $120,000 (for example). Sell price at $600,000, no mortgage. Partia… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,808 satisfied customers
I inherited land when my father died 6 years ago that was worth
I inherited land when my father died 6 years ago that was worth about $200,000. If I sell it today I could probably get $800,000 for it. How much would I pay in taxes for the $600,000 profit? I have n… read more
Tax.appeal.168
Tax.appeal.168
Principal
4,888 satisfied customers
I have misssed getting the American Opportunity College credit
I have misssed getting the American Opportunity College credit about $3500. TurboTax is showing that I can take a capital gains election of $7092, which is the exact amount of my ordinary qualified di… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
If I sell an option (writer of a put) within 30 days of a capital
If I sell an option (writer of a put) within 30 days of a capital loss on the uderlying security of the put, is it a wash sale?… read more
FredStevens
FredStevens
Accountant
Bachelor's Degree
37 satisfied customers
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