Capital Gains and Losses

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Federal tax law allows NOL carryover to reduce current year
Federal tax law allows NOL carryover to reduce current year capital gains. Does California tax law allow the same? … read more
Tax.appeal.168
Tax.appeal.168
Principal
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May I have a question of foreign capital loss on form 1116,
May I have a question of foreign capital loss on form 1116, pls?A US citizen has $5000 foreign capital loss, $5,000 foreign interest income and all income are passive and paid $800 foreign tax. Per fo… read more
taxmanrog
taxmanrog
Master's Degree
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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
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Bachelor's Degree
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Our house burned down in Dec 2017. When you declare a total
Our house burned down in Dec 2017. When you declare a total loss, home and business equipment, if that amount is higher then what your insurance pays you (2 separate policies) does that offset any tax… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I am trying to decide if I need to do an appraisal on a
I am trying to decide if I need to do an appraisal on a property in the B trust as my mother died in May. My father predeceased her in 1996, the date of the Trust Split. … read more
Lev
Lev
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Bachelor's Degree Equivalent
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SOLD OFFICE BLG DEC 2016 ON 1031 EXCHANGE. BOUGHT TWO CONDOS
SOLD OFFICE BLG DEC 2016 ON 1031 EXCHANGE. BOUGHT TWO CONDOS IN MID JAN 2017. GOT PROP. MGR AND TENANTS.FULL INTENTION TO KEEP A YR OR TWO. REAL ESTATE MARKET SEEMS TO BE GETTING UNSTABLE. CONDOS GOIN… read more
Mark Taylor
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I purchased a Rental Property in 2005 for $274,900. I turned
I purchased a Rental Property in 2005 for $274,900. I turned it into a Rental in 2011, and our Accountant at the time used a Value basis of $200,000. We sold the property in April-2017 for $256,000. I… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have purchased a rental property in 2014 for $20,000, made
I have purchased a rental property in 2014 for $20,000, made complete renovation and the base of the property was around $50,000. In 2016 there was a fire and the house was total loss. The insurance c… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,595 satisfied customers
We are trying to get our taxes together to file for 2015 and
We are trying to get our taxes together to file for 2015 and 2016. We were hit hard in a flood in August of 2016. we are still rebuilding as we speak. Been in a apartment ever since. So what can we de… read more
Mark Taylor
Mark Taylor
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I have a question about capital loss rollover I basically
I have a question about capital loss rollover I basically lost about $40,000 messing around with penny stocks in an 18 month period. My situation is this... TAX YEAR CAPITAL GAIN/LOSS CLAIMED LOSS on … read more
Stephen G.
Stephen G.
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In June 2003 we purchased a parcel of undeveloped land
In June 2003 we purchased a parcel of undeveloped land (investment property) for $35k. In April 2015 we sold the undeveloped land for $5k. How do we declare this loss to IRS for 2015? If we sell a ren… read more
PhillipB EA
PhillipB EA
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I own a GAS Station in CT. We are planning on selling the
Hello: I own a GAS Station in CT. We are planning on selling the gas station and currently have an offer in hand. I am trying to find out what kind of taxes will we be liable for on the proceeds?… read more
Lev
Lev
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I own an S-corp that has been operating 6 years. We are
I own an S-corp that has been operating for about 6 years. We are looking at selling part of our business (our website and online customer list / email list) but continuing to operate the retail store… read more
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Lev
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If I move from one state to another mid-year do I allocate
If I move from one state to another mid-year do I allocate publicly traded MLP Federal year end K-1s between states, or just to the state where I'm resident at the end of the year? If I allocate, how … read more
Stephen G.
Stephen G.
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I need help calculating stock basis on a S-Corp from a K1.
I need help calculating stock basis on a S-Corp from a K1. If my starting basis is $61,087 and my K1 shows Ordinary Income (Box 1) of $458,870 and Section 179 Deduction (Box 11) is $107,407 an Other D… read more
Jonathan Tierney
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My mother-in-law purchased a house 5 years ago in California
My mother-in-law purchased a house 5 years ago in California for my wife to rent from her, we lost ours to a short sale. Now we are looking to purchase that house. She has never lived in it. We have t… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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On Dec 7th 2005 we put a down payment of $ 21,300.00 on a pre-construction
On Dec 7th 2005 we put a down payment of $ 21,300.00 on a pre-construction home, and another down payment of $ 21,300 on May 16, 2006. When the house was ready to be closed we had not sold our current… read more
R. Klein, EA
R. Klein, EA
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Master's Degree
263 satisfied customers
We (my wife and I) are earning more than $150K (combined W2
We (my wife and I) are earning more than $150K (combined W2 gross income is about $240K) and own seven (7) total rental properties (6 out of state, being managed by property management co. and one in … read more
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