Capital Gains and Losses

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We bought our home in 2003 for $403,000. It is now likely
Hello. We bought our home in 2003 for $403,000. It is now likely able to sell for about $350,000. We owe $280,000 on the mortgage. If we sold this home now for the $350,000, which would give us $70,00… read more
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I plan to sell my cottage in New York State in 2018 and wish
I plan to sell my cottage in New York State in 2018 and wish to avoid a tax on my capital gains profit of $200,000. My wife and I will have a taxable income of $50,000 (seems to be a 12% tax rate in 2… read more
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I bought a home in 2016. I moved my husband to a different
I bought a home in 2016. I moved my husband to a different nursing home because the nursing home was better and it is close to my daughter who is a nurse and can help me keep an eye on my husband. My … read more
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We are thinking of selling a rental that we lived in for 10
We are thinking of selling a rental that we lived in for 10 years and then rented out for 10. I know taxes will be terrible, but not sure how to calculate. … read more
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If I lived 2 years out of last 5years in NYS, can I be a NYS
If I lived 2 years out of last 5years in NYS, can I be a NYS resident? … read more
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I am retired and make 40,000. a year. If i sell my rental
I am retired and make 40,000. a year. If i sell my rental property, do I have to pay capital gains tax? … read more
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We have a Nevada condo bought for 100,000 (2012) now worth
We have a Nevada condo bought for 100,000 (2012) now worth about 180,000. It is in a trust and rented. We want to sell it and buy another condo for about 140,000. What capitol gains can we expect to p… read more
PhillipB EA
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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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I am a beneficiary in a trust from my Uncle. We just sold
Hi, I'm Dennis Lafayette. I am a beneficiary in a trust from my Uncle. We just sold his home in San Jose (he inherited from his mother 1998) for $1.07m. How do we figure out capital gains if any? … read more
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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
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In the 80s, my father bought a large track of land and last
In the 80s, my father bought a large track of land and last year gave a portion of it to me and my husband. We estimate that portion to be worth about $120,000. He is a contractor and built us a house… read more
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My husband and I own farm land in IL. The farm was gave to
My husband and I own farm land in IL. The farm was gave to him from his mother she owed 180,000.00 on it. We now owe 230,000.00. We are wanting to sell it, we are asking 1,500,000.00 for it. What kind… read more
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Deductions: if i sell my own, where I lived with my husband
deductions: if i sell my own, where I lived with my husband but he is not on the deed. when I sell, do I have the right to $250k or $500k deduction? if I made improvements (i redid the bathrooms, the … read more
PhillipB EA
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I bought a home in May 1997 for $60,000 including closing
I bought a home in May 1997 for $60,000 including closing costs. I lived in it continuously until February 2013 when I rented it out until June 2015. I sold it in October 2015 for $280,000 (net, after… read more
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My cost basis is 55,000.The property was depreciated over a
My cost basis is 55,000.The property was depreciated over a period of 30years.It is an investment and was used as my office as a dentist.It is a single family house.I am retired and my income has dece… read more
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My mom died in 2014. She had put her home in both my name and
My mom died in 2014. She had put her home in both my name and my sister's name. We have sold the house and will split the money from the sale. Will it be considered capital gain? If i purchase a home … read more
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Hi, I just sold a house I inherited May 2011 that I rented
Hi, I just sold a house I inherited May 2011 that I rented out for the last 2yrs (worth at the time about 115K at time of inheritance) for $135K today. I want to put the $135K towards my current mortg… read more
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How would my capital gains tax be computed on this senerio Vacation
How would my capital gains tax be computed on this senerio: Vacation home purchased in 1995 for $179,000 - my spouse and I own 2/3 personally and a friend if 1/3 personally. This home was destroyed by… read more
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