Capital Gains and Losses

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I have 2 houses right next door from each other. I lived in
I have 2 houses right next door from each other. I lived in the 1st house for 17 years. We bought a lot and built a house and moved in March of 2016 into the new home. We completed repairs on the old … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,072 satisfied customers
My mother sold my brother and I her house for $1.00 in
My mother sold my brother and I her house for $1.00 in (approximately) 1999 (we have a quitclaim deed). She continued to live in the house until she had to move into a nursing home in 2008. My brother… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,072 satisfied customers
My sister purchased a house about 35 years ago and resentful
My sister purchased a house about 35 years ago and resentful past away. The estate was sold for $550,000. What would be capital gains tax to pay? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,072 satisfied customers
My mother, 94 yrs old, passed away on Monday. She sold her
My mother, 94 yrs old, passed away on Monday. She sold her house in April for $400k. She has no other income other than Social Security. She live in the house, her primary residence, for two of the la… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,138 satisfied customers
I have a 90 year old client that has sold her home for
I have a 90 year old client that has sold her home for $949,000.00 in 2018. It was bought in 1965 for $37,000.00. Her only income is a pension of $1700.00 and SS of $2200 per month. What is her Capita… read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,178 satisfied customers
When my parents die, I will inherit their house, all
When my parents die, I will inherit their house , all possessions, and hundreds o thousands of dollars. It is all set up in a trust allready. How can i avoid taxes on all of this?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,072 satisfied customers
I inherited a piece of land when my father passed away
Hi. I inherited a piece of land when my father passed away several years ago. I want to either sell it and give the proceeds to my son or transfer it to him so he can sell it and keep the profits. I w… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,072 satisfied customers
I'm getting ready to put my house on the market, I own and
I'm getting ready to put my house on the market, I own and have live in it for over 35 yrs. paid $220.000 for it now valued at $1M+ Can I be excluded from capital gains taxes? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,138 satisfied customers
I am separate from my husband, but not divorced yet.The
I am separate from my husband, but not divorced yet.The house I am selling belongs to me only.when I sell it will I be taxed at married or single … read more
levr
levr
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
My husband and I own farm land in IL. The farm was gave to
My husband and I own farm land in IL. The farm was gave to him from his mother she owed 180,000.00 on it. We now owe 230,000.00. We are wanting to sell it, we are asking 1,500,000.00 for it. What kind… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,138 satisfied customers
My mother recently moved to an assisted care facility. The
My mother recently moved to an assisted care facility. The family is now deciding on whether to rent her house out or to sell. The concern of renting is that we might have a large capital gain tax to … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
My mother in law lives in the State of CA she is 67 and has
My mother in law lives in the State of CA she is 67 and has been retired for two years. She just sold her home in San Anselmo for $700,000. She and her husband paid $22,000 for the home 40 years ago. … read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
my 91 yr old mother has a home in massachusetts that is in
my 91 yr old mother has a home in massachusetts that is in her revocable trust. the home is now owned by her 4 adult children. my father put it in all our names decades ago. the home is paid for in fu… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
My mother-in-law (93) was falling so much she had to go into
My mother-in-law (93) was falling so much she had to go into assisted living 1.5 yrs ago. Her house just pended and she will have a net gain of 380K over the 25K she and her husband built the house fo… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,138 satisfied customers
my mom recently passed away. She had gave all her land to
my mom recently passed away. She had gave all her land to us children 7 yrs ago and had a life time right to her house. Will we have to pay capital gains tax from when my mom and dad purchased farm in… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
My husband and I own several properties jointly. I am looking
My husband and I own several properties jointly. I am looking at the tax exposure on these if one or both of us dies. On 3 properties we are titled as joint tenants and 1 as tenants in common with a 7… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
My brother and I are considering accepting an offer on a small
My brother and I are considering accepting an offer on a small piece of property(about 1/5 of an acre) on which several cell tower companies are located. We have been receiving rent of around $1,500 a… read more
FredStevens
FredStevens
Accountant
Bachelor's Degree
37 satisfied customers
My parents have both passed away in the last year. Two years
My parents have both passed away in the last year. Two years ago they added my name to the deed for the house; therefore, the house is now mine. When I sell the house will I be taxed on the profit fro… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
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R. Klein, EA

R. Klein, EA

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