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
What are the options of selling a C corporation, when the C
What are the options of selling a C corporation, when the C corp will have to pick up the capital gain, and then the shareholders pay tax on it again when they pull it out??… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,629 satisfied customers
I have an S Corporation. Over the course of 2017, I
Hi,I have an S Corporation. Over the course of 2017, I distributed about $85,000 from the s corp to my personal bank account. I don't quite know my basis, so I'd like a general answer that doesn't tak… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,629 satisfied customers
I recently sold a property. The sale price was $835k. The
I recently sold a property. The sale price was $835k. The cash payout from fire damage was $447k.The adjusted basis of property is aprox $382k.What would I owe for federal tax and CA? And when should … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,294 satisfied customers
I am setting up an investment account to day trade. Can I
I am setting up an investment account to day trade. Can I write off all my cost associated with that business If I am a sole proprietor? Such as interest on a loan I took to open the account? Payments… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,872 satisfied customers
I have a client who is in a house flipping business. In 2016
I have a client who is in a house flipping business. In 2016 he bought property for 700K and spent 300K on renovation. In 2017 he spent another 200K on renovation and sold the property for 1,400,000 d… read more
Carter McBride
Carter McBride
Professor
LLM
1,596 satisfied customers
How are the taxes paid by seller at the sale of a business
Hello.How are the taxes paid by seller at the sale of a business for cash at closing, on owner financing and earn-out?scenario: let's assume seller had 500k invested over 5 yrs but they sell the busin… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,828 satisfied customers
Question? I was a 50% stockholder of a Sub S corporation
Good day again ! Question ? I was a 50% stockholder of a Sub S corporation with a releative in the years 2012, 2013 and 2014. Earning $6K in 2012, 6.5K in 2013 and 8K in 2014. The corporation issued K… read more
PDtax
PDtax
Owner
Master's Degree
4,310 satisfied customers
Me and two friends purchased a NJ property for $60 000
Me and two friends purchased a NJ property for $60 000 during Mart 2016 with intention to fix and flip. We registered LLC but the money we transferred to the LLC weren't seasoned and the bank wanted u… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,339 satisfied customers
In a 1 person S-corp, can expenses be deducted against term
In a 1 person S-corp, can expenses be deducted against long term capital gains? The reason I ask is because for my specific situation, paying myself a bigger salary (an expense) is more favorable tax-… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,339 satisfied customers
I sold my online business to a US buyer in 2015. The buyer
I sold my online business to a US buyer in 2015. The buyer will pay for the acquisition in 3 installments (one payment each year during 2015, 2016 and 2017).I was a NRA in 2015 and 2016, thus there is… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
2,135 satisfied customers
My wife and I sold a rental home recently. I had spoken with
My wife and I sold a rental home recently. I had spoken with a tax preparer prior to the sale and was told we would owe approximately $5,000 on capital gains. As it turns out, we owe closer to $27,000… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
Dr. XXXXXXXXXXXX Age 51 Married filing jointly Expected
Dr. John XXXXXXXXXXXX Age 51 Married filing jointly Expected earned income 2016 of Husband $425,000(salary and practice S-Corp distributions) Wife $20,000(salary) Expexted sale of land in 2016(from la… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,187 satisfied customers
I have a client who owns an S-Corp. The S-Corp has a debit
I have a client who owns an S-Corp. The S-Corp has a debit payable to the prior owner of the business. The prior owner is going to cancel the remaining balance on the debit (approx $150k). Is this goi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,828 satisfied customers
I have questions about costs associated with converting from
I have questions about costs associated with converting from LLC to S corporation and costs associated. I also have a question on whether financial losses sustained from a prior business partnership (… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,638 satisfied customers
I am selling a commercial property which is owned by a single
I am selling a commercial property which is owned by a single member LLC. The single member is a S-corp which I own 100% and income taxes are reported by S-corp since LLC is disregarded entity for tax… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,638 satisfied customers
Im finishing the creation of a software tool for small business
I'm finishing the creation of a software tool for small business owners and I would like to facilitate the calculating of taxes at the sale (stock and asset) (with the help of their accountants); howe… read more
Bill-the-CPA
Bill-the-CPA
Certified Public Accountant (CPA)
Master's Degree
55 satisfied customers
It turns out that the business bankruptcy trustee agreed to
It turns out that the business bankruptcy trustee agreed to limit the major bank's recovery to the value of the condo (collateral for a $200K business loan). In other words, my wife and I must forfeit… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
I have been approached to sell my company. I own 30% of the
I have been approached to sell my company. I own 30% of the business and the number I am looking for would be 10 million dollars. My share would be 3 million. If I get the amount I am looking for, wha… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 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