Capital Gains and Losses

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

Ask an Expert,
Get an Answer ASAP!

Related Capital Gains and Losses Questions
Want to sell a commercial property for $1,499,999 that my
Hello, I'm Kenny, and want to sell a commercial property for $1,499,999 that my wife and I purchased 14 1/2 years ago in Southern California for $400,000. We still owe $257,000 and spent $7,500 in upg… read more
taxmanrog
taxmanrog
Master's Degree
2,930 satisfied customers
Robin, I am still trying to figure out my strategy in
Hi Robin, I am still trying to figure out my strategy in regards ***** ***** property in preforeclosure as I prepare to sell. Can you help me work out what might be left after I sell the house - just … read more
TaxRobin
TaxRobin
Tax Preparer
Vocational, Technical or Trade School
18,796 satisfied customers
I understand how to calculate capital gains based on cost
I understand how to calculate capital gains based on cost basis and so on when selling residential real estate used as investment property. One thing I'm struggling to understand is that if the cost b… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,014 satisfied customers
I converted my condo to a rental in 2010. The FMV was
I converted my condo to a rental in 2010. The FMV was $235,000 which was used to calculate depreciation. I converted my condo back to personal use for one year (2015-2016) I converted my condo back to… read more
levr
levr
Retired
Bachelor's Degree Equivalent
30,440 satisfied customers
Have a house that is paid rented out currently. it is a 3
have a house that is paid for and rented out currently. it is a 3 bedroom bath and a half with a two car garage and is 1050 sq ft. rents for 1050 a month. Bought in 1984 and have wrote off the house a… read more
TaxRobin
TaxRobin
Tax Preparer
Vocational, Technical or Trade School
18,796 satisfied customers
We are getting ready to sell our property in Aurora
We are getting ready to sell our property in Aurora Colorado. Paid $143,000, Owe 124,000 and estimated value is $265,000. We are married with a household income of $170,000. I am reading different ans… read more
TaxRobin
TaxRobin
Tax Preparer
Vocational, Technical or Trade School
18,796 satisfied customers
I own a home 5 years then took job many miles away.
I own a home for over 5 years then took job many miles away. So we rented the home for over 5 years paying some of the mortage ourselves. House was bought for $330,000 owewd $370,000 and sold for 425,… read more
TaxRobin
TaxRobin
Tax Preparer
Vocational, Technical or Trade School
18,796 satisfied customers
I am a widow and just retired. I am selling an old condo (rental
I am a widow and just retired. I am selling an old condo (rental property) for $320k and I paid 250k for it 10 years ago. It's costing me about 7k to make it ready to sell plus the real estate fees wh… read more
TaxRobin
TaxRobin
Tax Preparer
Vocational, Technical or Trade School
18,796 satisfied customers
We bought a house on the water in Maine in June 2008 for
We bought a house on the water in Maine in June 2008 for $810,000. In June 2009 we moved from it, and began renting it. For the 2009 tax return, I valued it at $843,227 (of which the building was only… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
Did you say you needed more details. As stated: I have a
Did you say you needed more details. As stated: I have a rental on the market. My tax guy says the depreciation is "maxed" out. We are presently purchasing another rental in advance - settlement is so… read more
Jonathan Tierney
Jonathan Tierney
MBA
664 satisfied customers
How do I determine basis and tax bracket gains owner
how do I determine basis and tax bracket for capital gains for an owner occupied duplex where I've basically taken all the depreciation deductions… read more
TaxRobin
TaxRobin
Tax Preparer
Vocational, Technical or Trade School
18,796 satisfied customers
I am preparing a tax return with an issue I have never had.
I am preparing a tax return with an issue I have never had. My client purchased investment property with his son several years ago. Last year they sold it. I know I need to split the basis and selling… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Bought property in 1985 $18000 jointly, bought out partner
Bought property in 1985 $18000 jointly, bought out partner in 1989 for $30000 house was partners principal place of residence until 1989 now selling for approx. $450000 how is capital gains calculated… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
HI I bought my first home in 2010 but lived for only couple
HI I bought my first home in 2010 but lived for only couple of months initially and shifted back to rental property as my kids are not confortable. I reneted the property and kept one room for myself … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,094 satisfied customers
hi....my brother and I own rental properties together....what
hi....my brother and I own rental properties together....what is the net effect of taking depreciation when selling the rental....example lets say you depreciated house $10,000 over 5 years....and cos… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Thank you SO much for your detailed answer. I really appreciate
Thank you SO much for your detailed answer. I really appreciate that you took the time to figure it all out. Now, I just want to make sure I understand exactly how you calculated things... are you ava… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
I have a house that I lived in for 10 years and then rented
I have a house that I lived in for 10 years and then rented out for 6. I expect a capital gain of 325,000. I am single and I have been paying about 6% fed taxes due to rental income from several prope… read more
Bill-the-CPA
Bill-the-CPA
Certified Public Accountant (CPA)
Master's Degree
55 satisfied customers
Hi there, I am a limited partner in an LLC which after a
Hi there, I am a limited partner in an LLC which after a 17 year hold is selling its asset, a multi-family apt building in Denver. The partnership CPA sent us a schedule which computes my net share of… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 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.

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 >

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