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
6,058 satisfied customers
We sold our home in state for 875,000. this home was
we sold our home in washington state for 875,000. this home was inherited and was appraised at 497,000 when myself and my two sibling inherited it. my brother and sister and i had a written agreement … read more
bkb1956
bkb1956
Enrolled Agent, Paralegal
15,144 satisfied customers
I had to move closer to work and could not sell my house so
I had to move closer to work and could not sell my house so I rented it out and then I myself rented a place to live. I finally bought another home in hopes that my other house would sell. just about … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,058 satisfied customers
Help me calculate Federal and California capital gains taxes
Please help me calculate Federal and California capital gains taxes assuming I have NOT lived in my California house for 2 out of 5 years in two scenario's. Bought 2012 with cost basis of $275K. Selli… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,058 satisfied customers
I bought a home in July 2007 and lived in it until January
I bought a home in July 2007 and lived in it until January 2012 when I bought another home. In January 2012 I turned the first home into a rental property until I sold it in June of 2017. Will I have … read more
Carter McBride
Carter McBride
LLM
3,150 satisfied customers
I purchased a home with my daughter April 2016. We sold it
I purchased a home with my daughter April 2016. We sold it and will close Nov 9th 2017. We purchased the house for $165000. spld it for $216000, $6000 going to buyers closing cost. I am getting the pr… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
I read that I can my house for $150,000 and buy another
I read that I can my house for $150,000 and buy another house for less money without paying capital gains. Is this correct? I have a mortgage so I won't get all the proceeds of the sale. I want to sel… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
My uncle and his wife bought a house for $335,000 in 1985.
My uncle and his wife bought a house for $335,000 in 1985. She passed away in May and now he is considering selling. The property is now valued at $2,500,000. We expect commissions to be about $125,00… read more
Richard
Richard
Owner
Doctoral Degree
54,570 satisfied customers
I sold my Home this year and made 102,000 in capital gains.
I sold my Home this year and made 102,000 in capital gains. I was in this home for only 20 months. My Taxable income this year is 45,000. Do I have to pay capital gains Tax and how much do I owe… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,384 satisfied customers
I bought a house for $ 45,000 38 years later sold it for $505,000
I bought a house for $ 45,000 38 years later sold it for $505,000 and bought another house for $390,000 do I have to pay capital gains tax… read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
77 satisfied customers
My wife and l currently live in a duplex in California.Live
My wife and l currently live in a duplex in California.Live in one unit as our home for twenty years,rent out second unit. We want to sell our California property in May, and live in Washington State … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
33,118 satisfied customers
My husband and I went through a divorce. I was on the deed
My husband and I went through a divorce. I was on the deed but not the mortgage. We had a capital gain. He was sent a 1099 saying the sale was reported under his SSN. Do I owe half of the capital gain… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
I bought a house in Jan 1968 $ and sold it onAug 30, 1969
I bought a house in Jan 1968 for 20318$ and sold it onAug 30, 1969 for 22,400$, for an unadjusted gain of 2082$ I lived in the home less than 2 yrs. I then bought a more expensive home for 40000 on Fe… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
In 2014 my wife sold a second property (not our primary residence)
In 2014 my wife sold a second property (not our primary residence) for $454K that she had allowed her mother to live in for 14 years without paying rent (my wife never lived there). She sold it for a … read more
Arthur Rubin
Arthur Rubin
Tax Preparer
Doctoral Degree
77 satisfied customers
We have owned our WA house since 1986. My husband got a job
We have owned our WA house since 1986. My husband got a job in CA. He lived there August 2009-February 2015. We bought a condo in CA March 2011 and sold it Sept 2014. (We plan to pay capital gains on … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
Does my wife qualify for the Home Sale Capital Gain Exclusion?
Does my wife qualify for the Home Sale Capital Gain Exclusion? Background and facts: Lived in NJ from 1981 until 1996 when my employer transferred me to TX and we sold our NJ house at that time. Short… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
I just sold my house that was in my name only and made a profit
I just sold my house that was in my name only and made a profit of $115,000. My wife went and bought a house on her own and my name is XXXXX XXXXX the deed or mortgage. Now from my understanding if I … read more
Richard
Richard
Owner
Doctoral Degree
54,570 satisfied customers
I own a home valued at $400K and I owe $235K. I use the home
I own a home valued at $400K and I owe $235K. I use the home for my business as an adult assisted living facility, I take annual depreciation on the entire house for the business use. If I sell my hom… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
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