Capital Gains and Losses

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I am using TaxAct software and have some questions about
I am using TaxAct software and have some questions about capital gains on the sale of our home in 2020. In 2015, I left our home to be with my husband who is a crane operator then in the oil fields of… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I have an investment home. Every month I make an extra $300
I have an investment home. Every month I make an extra $300 payment towards principal in order to accelerate the loan repayment. Now I recently I discovered that when you sell investment home, you wil… read more
emc011075
emc011075
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I keep hearing about a one time capital gains exemption.
I keep hearing about a one time capital gains exemption. I AM JUST SELLING A RENTAL THAT WE HAVE HAD FOR 4 YEARS, WE MOVED INTO IT FOR 2 MONTHS, BUT OUR OTHER RESIDENCE DIDNT SELL SO HAD TO MOVE BACK … read more
bkb1956
bkb1956
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We are selling a home in Phoenix Arizona that we've owned
We are selling a home in Phoenix Arizona that we've owned since 2009, we have not lived in that home since 2011, we have a cost basis of 34000 and a list price of 169000. What could the capital gains … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Do I have to pay my capital gains tax at the close of escrow
Do I have to pay my capital gains tax at the close of escrow for a sale of real estate in California … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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My Accountant says I owe $17,000.00 in depreciation recovery
My Accountant says I owe $17,000.00 in depreciation recovery tax and capital gains tax after selling my rental property in July 2017. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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We sold a house--not our main home--in which one of our
We sold a house--not our main home--in which one of our son'slived. He works for us, didn't pay rent--did renovate the house and we split most of the costs--anyhow, can't figure out what form to use--… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
CLIENT SOLD A COMMERCIAL BUILDING THAT WAS OWNED PERSONALLY
CLIENT SOLD A COMMERCIAL BUILDING THAT WAS OWNED PERSONALLY BUT USED IN A BUSINESS BUT NEVER DEPRECIATED OR EXPENSED BECAUSE IT WAS A PERSONAL INVESTMENT THEY RECEIVED A 1099-S (PERSONALLY). DO I JUST… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
On an executed contract for 200k for a condo that will be
On an executed contract for 200k for a condo that will be 2nd home, sold furnished, seller is proposing to drop price by 10k and ad 10k in furniture. If done, I know all parties will pay less doc stam… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I just sold my old house, hows capital gain work apply? I
I just sold my old house, hows capital gain work apply? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,687 satisfied customers
I owned a house from which I moved 6 years ago. I rented the
I owned a house from which I moved 6 years ago. I rented the property and sold it last December 2016. My accountant entered this as a business and indicated that I was responsible for taxes on the cap… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I am in colorado and i am single I purchased my town home in
I am in colorado and i am single I purchased my town home in 2012 for $45,500 I lived in home for 1 year rented home up until now. I am selling my property in July 2016 for $175,000. Can you provide a… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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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
Robin D.
Robin D.
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I have a second home, not a rental beach home, wish to sell
I have a second home, not a rental beach home, wish to sell - inherited and put in a lot of improvements plus taxes for 23 years. How do I figure capital gain tax? Inherited for $150,000.00 put in $17… read more
Jonathan Tierney
Jonathan Tierney
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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.
Vocational, Technical or Trade School
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I bought a home for 75000 and sold it for 160000 after putting
I bought a home for 75000 and sold it for 160000 after putting 25000 into it. I sold it nothing down at 5.75 percent for 25 years. Do I have to pay taxes?… read more
Tax.appeal.168
Tax.appeal.168
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I have questions regarding a pending sale of property--its
I have questions regarding a pending sale of property--it's a commercial property in California held by my mother's trust. Escrow is scheduled to close on about 12/2/13, with a purchase price of $525,… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
Capital gains tax on sale of a home. Owned for 34yrs; rented
Capital gains tax on sale of a home. Owned for 34yrs; rented for past 8 yrs. Did not depreciate. I am single. Sell for $500,000. Original price $86,000, Improvements $150,000.… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
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jgordosea

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