Capital Gains and Losses

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Related Capital Gains and Losses Questions
I own two mobile homes one for 10 years the other for 1year
I own two mobile homes one for 10 years the other for 1year 3 months. I sold the one year one for 298k and bought another for 275k and put in 20k in improvements this year. That will be claimed for 20… read more
HowardD414
HowardD414
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Just received an IRS bill for 200,000 for sale of my house in 2018. Purchased for $157,000 in 1997, sold for 470,000 in 2018. It was refinanced twice during a 20 year marriage that ended in divorce. p… read more
bkb1956
bkb1956
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We are located in Tennessee currently. We sold our previous
Hi, we are located in Tennessee currently. We sold our previous home in Virginia, and are planning to move to Maine. Our move to Tennessee was motivated by my mother's final stages of cancer. … read more
JeffS6413
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In 2008 we paid cash of 80K for a second home to rent to our
In 2008 we paid cash of 80K for a second home to rent to our daughter. In 2009 we and her signed a 15 year land contract (LC). For 2009 -2018 we reported the LC interest on Schedule B and principal pr… read more
Dr. Fiona Chen
Dr. Fiona Chen
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For capital gains, my client has owned her home since the
For capital gains, my client has owned her home since the 90's. Will she have to pay capital gains on the sale of her property?… read more
Lane
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This is related to a question dated 8/28/18. The 90 year old
Hi Barbara this is related to a question dated 8/28/18.The 90 year old client sold her home in 2018. She lived in Great Neck NY. Not one of the 5 boroughs. After the sale she moved in with her daughte… read more
bkb1956
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Before preparing my taxes, I need to be prepared, as a
Before preparing my taxes, I need to be prepared, as a retiree, to understand what my capital gains tax liability will be for 2018. Sold my home of 29 years in 2018 for $880K, which I paid $165K for i… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I had a home that I bought in circa 1984. I converted the
I had a home that I bought in circa 1984. I converted the home to rental property in 2003. I sold this home in 2018. Additionally, I had a home that I sold last year. I used the proceeds of both house… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
25,036 satisfied customers
I bought a piece of property in 1965, sold in 2017 for
I bought a piece of property in 1965, sold in 2017 for $200,000.00 do i qualify for the $250,000.00 tax exemption/step up … read more
Carter McBride
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I have a second home that I sold in July, I purchased the
I have a second home that I sold in July, I purchased the house for 185,000 and sold it for 270,000. the Realtor commission was 7% and I put in central air for about 2200. I owned the house 3 years an… read more
bkb1956
bkb1956
Enrolled Agent/Real Estate & Corporate Paralegal
25,036 satisfied customers
I have sold my house this year and did'nt qualify for the
I have sold my house this year and did'nt qualify for the capital gains exemption. i have owned for less than two years. I now have $65,000.00 in long term capital gains for 2018. My Income; Soc. Sec.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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Our average annual income has never exceeded the mid-60's.
Our average annual income has never exceeded the mid-60's. Now that we've retired, we've sold a house we bought 2005 for $68K, and sold for $130 K last month. Are we in the 0% category? … read more
Lane
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21,476 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
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My parents bought a house 50 years ago for 30k...I inherited
My parents bought a house 50 years ago for 30k...I inherited it upon their death 30 years ago...it's value at that time was 200k It is now valued at approximately700k. I am a single, 65 year old disab… read more
Robin D.
Robin D.
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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.
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My mother recently passed away, leaving an estate consisting
My mother recently passed away, leaving an estate consisting only of her home + a small bank account. The home was purchased in 1969 for $13,000. We hope to sell it for approximately $100,000. Her inc… read more
Stephen G.
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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
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My elderly Mum passed away in June this year..She had a house
My elderly Mum passed away in June this year..She had a house in South Australia in which needs to be sold & split amoung 4 siblings..my "Q" is My elder sister has always lived with my Mum & is to rec… read more
taxmanrog
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