Capital Gains and Losses

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Confirm and or correct my understanding of the following in
Please confirm and or correct my understanding of the following in regards ***** ***** off a lose vs a gain,(investment properties: … read more
Tax.appeal.168
Tax.appeal.168
Principal
5,034 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
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I sold a condo on 12/30/2016 for $156,383. I purchased the
I sold a condo on 12/30/2016 for $156,383. I purchased the condo for $173,000 in 1997. Can I deduct a capital loss in 2016?… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 satisfied customers
In 2017 I am considering selling a rental property that I
In 2017 I am considering selling a rental property that I have owned since 1989. Used as my primary residence from 1989 through 1999, then rental property from 2000 to the present. I have been depreci… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,325 satisfied customers
1. I will move back into my rental condo. If I live there 2
1. I will move back into my rental condo. If I live there 2 years I can avoid capital gains up to $250,000. Does that include the depreciation write offs I took from 2007 through 2017, can they be avo… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 satisfied customers
I own two condo rental properties. I am going to move back
I own two condo rental properties. I am going to move back into one for two years. I was told that one would have no capital gain taxes up to $250k? … read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 satisfied customers
I am selling a bare lot in a subdivision I have owned since
I am selling a bare lot in a subdivision I have owned since 1999. How can I minimize gains from the sale? Can I deduct property taxes, improvements or other costs of ownership, etc? If I sell it to my… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 satisfied customers
Are there exceptions to the 2/5 rule when selling a rental
Are there exceptions to the 2/5 rule when selling a rental home? SPecifically, I divorced then home purchase then loss of career right as escrow went through.... with unemployment lastiong for 9 month… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,325 satisfied customers
If I sell my principal residence now (as a single woman) to
If I sell my principal residence now (as a single woman) to move-into one of my rental properties resulting in $500K capital gain AND I purchase another investment rental property, do I have to pay ca… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 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
Robin D.
Robin D.
Vocational, Technical or Trade School
16,188 satisfied customers
I am a Canadian Citizen & bought a condo in vegas a few
I am a Canadian Citizen & bought a condo in vegas a few years ago. We are thinking of selling it now & the price has gone up considerably 60%+-. What kind of taxes ?? if any am I going to face if sold… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master's Degree
168 satisfied customers
I purchased a 4 family house in Rochester, NY in 2003 and
I purchased a 4 family house in Rochester, NY in 2003 and paid 100,000 for it. The house is under a sale contract for 150,000 and will close in January 2016. I have put on a new roof for 7000 and adde… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,933 satisfied customers
I live in California. We file a joint return. My wife has
I live in California. We file a joint return. My wife has considerable capital gain to report. I have been sitting on about $165K of capital loss if I sell a worthless stock (TSTC), and I have been si… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
I am a 60 year old male . Probably retire in 5 years. I
I am a 60 year old male . Probably retire in 5 years. I own a rental property and have accrued a $189,000 passive loss on it over the past 9 years or so. Do you have suggestions for how I can best str… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
I owned a vacation rental, reported the income, and never
I owned a vacation rental, reported the income, and never took a depreciation deduction as expenses exceeded the income. I have sold the vacation rental, and there is a question about the basis. It bo… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
I own a condo in Ca. I live (rent apt.) in Texas. I loose $$
I own a condo in Ca. I live (rent apt.) in Texas. I loose $$ every month on my condo. I would like to sell it and buy something in Texas. I have $30,000.00 in credit card debt. I would like to pay off… read more
Arthur Rubin
Arthur Rubin
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Doctoral Degree
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Looking for answers on capital gains ruling. We bought a 2
Looking for answers on capital gains ruling. We bought a 2 family in 1982 for 74,000. This was our primary home until 2008, the rental portion of the home was not rented after January 2006. So no inco… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
263 satisfied customers
Is there any way to avoid capital gains tax on a vacation condominium
Is there any way to avoid capital gains tax on a vacation condominium in Delaware, other than living there for 2 years? We live in Buffalo New York. We purchased this condo in 1997 for $103,000. We ar… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
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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

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