Capital Gains and Losses

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Related Capital Gains and Losses Questions
I will be selling my home in Michigan in early 2021. How do
I will be selling my home in Michigan in early 2021. How do I know what my capital gains taxes will be? My husband and I purchased our home in 1987 and made many improvements over the years. … read more
Barbara
Barbara
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My husband and I started an LLC. For the past couple of
My husband and I started an LLC. For the past couple of years, we've written off a significant (for me) amount of things to set up the business. In the current environment, we're dead in the water and considering just dissolving our LLC, but worried about having to claim the write offs as capital gain. Any advice? … read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
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We have an offer of $1,500000.00 we owe $384,000 my husband
we have an offer of $1,500000.00 we owe $384,000 my husband and I have lived on the property for over 5 years. We own 1/2 our daughter and husband own the other half but they are not on title. We are … read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I have been divorced for 3 years. Our divorce decree
Hello, I have been divorced for 3 years. Our divorce decree requires we sell several properties. Our divorce decree says NOTHING about who will take capital gains or capital losses from the properties… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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We're about to final a home sale in Calif. We bought the
We're about to final a home sale in Calif. We bought the land in 1983 for $360,000 (51 acres). We built a small home and lived in it for 6 years while we built a larger home, finaled in 1990. It is 45… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have sold a vacation home on siesta key in Florida in
I have sold a vacation home on siesta key in Florida in 2018. What deductions am I permitted to claim against the capital gains on the property. I owned the property for 20 years. I purchased it with … read more
Barbara
Barbara
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My husband I entered into a contract with FBC Mortgage and
My husband I entered into a contract with FBC Mortgage and Park Square Homes to build our home about a year ago. We closed on our home in June of this year, so less than a year as we have only lived i… read more
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I inherited 60 acre farm from my father 2010. I sold that
I inherited 60 acre farm from my father 2010 . I sold that property 2016. I do not know the valve of the property when he passed. I think I will have to pay gain only . … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 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
Robin D.
Robin D.
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I have a partnership agreement in place healthcare clinic
Hello,I have a partnership agreement in place for a healthcare clinic run by myself and business partner. My Partner is the "Owner" of this S-Corp, and our 50/50 ownership is dictated strictly through… read more
PDtax
PDtax
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I sold my home in january 2015, closing costs were 42K, I
I sold my home for 635K in january 2015, closing costs were 42K, I bought the land in 1995 for 70k, I took a mortgage for 150K to build. In the past 20 years I spent 169K in repairs and improvements. … read more
Stephen G.
Stephen G.
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My husband's ex-wife took a loan out under her LLC in
My husband's ex-wife took a loan out under her LLC in 2006 for a office/property for $385,000. They divorced in 2009 and my husband has been paying all the bills for the property since the inception o… read more
Stephen G.
Stephen G.
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I sold I store last year and reinvested the money into a new
I sold I store last year and reinvested the money into a new house last year do I have to pay capital gains on the money I made above what we paid for the store since I reinvested back into a home… read more
Robin D.
Robin D.
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We sold a property in 2014 and have a capital gains of 93K....Our
We sold a property in 2014 and have a capital gains of 93K....Our tax liability for this gain is around 18k so we have been advised.....If we purchase a new PU for my husband's consulting and service … read more
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Tax.appeal.168
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I have sold my interest in a building that I owned 25% of for
I have sold my interest in a building that I owned 25% of for 6 years. I received $200,000 for my sale. That is the amount of my initial investment into the building. The value of the property has gon… read more
PhillipB EA
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IF I BUY AN OPTION FOR A $1000 TO BUY A HOUSE FOR $5000. I
IF I BUY AN OPTION FOR A $1000 TO BUY A HOUSE FOR $5000. I FIX IT UP FOR $5000 WORTH OF MATERIALS AND MY SWEAT. SELL IT FOR 20,000. WHAT WOULD MY INCOME BE? IF I HAD NO OTHER INCOME, WHAT WOULD MY TAX… read more
Stephen G.
Stephen G.
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we are liquidating apartments and commercial space in a building
we are liquidating apartments and commercial space in a building which we completed the construction of in 1983 and formed a condominium, We have held these apartments in condominium form and rented t… read more
R. Klein, EA
R. Klein, EA
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Follow-up question on Capital Gains Taxes: Could you define
Follow-up question on Capital Gains Taxes: Could you define "commercial enterprise" ? We cash rented our farm ground to a farmer and claimed this income on our taxes. Is this considered a commercial b… read more
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