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
6,014 satisfied customers
My 4 siblings and I inherited a home from our late mother in
Hello, my 4 siblings and I inherited a home from our late mother in 2017. … read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,052 satisfied customers
My parents (80 and 84) inherited a home when my sister died
Hi Pearl, my parents (80 and 84) inherited a home when my sister died in February. They sold the home and are wanting to save enough to pay for the taxes from the proceeds. How much will they have to … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,014 satisfied customers
I have a real estate property that I'm looking to use to
i have a real estate property that I'm looking to use to form a lcc with my mother (currently a rental property, she intends to live there and pay off the remaining mortgage of $140k, house appraised … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,378 satisfied customers
I have a house that I own (loan is in my name) but my son
I have a house that I own (loan is in my name) but my son and his wife have been living there since I took the loan out. They have made all mortgage payments and yearly tax payments and lived there fo… read more
levr
levr
Retired
Bachelor's Degree Equivalent
30,448 satisfied customers
House was gifted to my aunt more then 20 years ago from her
House was gifted to my aunt more then 20 years ago from her mother. She has lived in it as her primary residence since. Her husband passed away 3 years ago. Is her exemption only good for 250k, plus h… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,505 satisfied customers
Does a married couple get a one time exemption for capital
does a married couple get a one time exemption for capital gains for investment property. Can they deduct off the gain any money spent on the rental over the period of them owing it? We were told we g… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,505 satisfied customers
I purchased an investment property about eight years ago.My
I purchased an investment property about eight years ago.My basis is about 72k. My sister has lived in the home the entire time. I receive Mo rent, she pays the monthly mortgage which includes propert… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,172 satisfied customers
I asked a question previous and Michael Lyyken answered. It
I asked a question previous and Michael Lyyken answered. It was about selling our home and capital gains. He said that me and my wife get an exemption up to $500K for selling our home and not having t… read more
Richard
Richard
Owner
Doctoral Degree
54,532 satisfied customers
I purchased my home in 1993 for $150,000. I am in contract
Good morning , I purchased my home in 1993 for $150,000. I am in contract to sell my home to my brother for $600,000. My home was appraised for $765,000. I am giving him a gift of equity for $165,000 … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,098 satisfied customers
We are looking into possibility of buying a house in
We are looking into possibility of buying a house in Ireland. My girlfriend has savings 100k and I have 75k. Her parents will also gift 190k directly to her which she will also put towards to deposit.… read more
PDtax
PDtax
Owner
Master's Degree
9,534 satisfied customers
A woman is giving her nephew a gift of equity in an
A woman is giving her nephew a gift of equity in an investment property he's going to buy from her. FMV is $1 million. Gift of equity is $300K. Is the aunt liable for capital gains on the $300K she is… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,505 satisfied customers
I bought my mother's home when she passed (bought out 3 brothers),
I bought my mother's home when she passed (bought out 3 brothers), and my sister lived there for four years. It is not my primary residence but I was only one on deed. I am selling it now, and will ma… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,096 satisfied customers
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
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
I am going to sell my primary residence, and I believe I
I am going to sell my primary residence, and I believe I will have about $225 equity when I sell. I have lived in this property for four years. If I use that money as a downpayment on a new primary re… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,096 satisfied customers
I moved from Indiana to Nevada in May 2014 transferring
Hi I moved from Indiana to Nevada in May 2014 transferring my USPS job. I sold my primary residence in Sept for 135000. After paying the mortgage and fees... I realized about 60,000 dollars.I used it … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,096 satisfied customers
I have a question relating to real property in California I
I have a question relating to real property in California I need some help with. Father and son intend to transfer their respective properties (primary residences, NOT investment properties) to each o… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
My mum owns a property which was passed on from my father when
My mum owns a property which was passed on from my father when he died over 20 years ago,which we live in. The property was cash until 3 years ago when me and my mum borrowed £100000 for renovations. … read more
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