Capital Gains and Losses

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I need help completing form 4797 and Schedule D. I'm
I need help completing form 4797 and Schedule D. I'm generally familiar with Capital Gains and Depreciation Recapture and have already estimated and paid in the taxes. It is the specific completion of… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,523 satisfied customers
If someone buys a real estate for $150,000. 6 years later,
If someone buys a real estate for $150,000. 6 years later, they sell the property for 100,000.This would represent a $50k long term capital gains loss. How could they use this loss to their advantage?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,888 satisfied customers
Re: depreciation recapture. Residential rental real property
Re: depreciation recapture. Residential rental real property sold after being owned for 6 years. Before sale, septic system had to be repaired (failed septic tank was replaced), and the sale occurred … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
42,072 satisfied customers
I purchased a rental property in march 2018 this year. I
I purchased a rental property in march 2018 this year. I know about the main deductions for rental real estate like depreciation, utilities, taxes, etc but are there any deductions i can take on my 20… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
24,059 satisfied customers
Partnership ABC purchased Building A on Jan 1, 2016 and
Partnership ABC purchased Building A on Jan 1, 2016 and began a Motel business on that same day. For 2016 and 2017 Partnership ABC reported Motel Rental Income and Expenses, including depreciation on … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,862 satisfied customers
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),
Master's Degree
4,197 satisfied customers
I just sold several businesses and have a profit of 5
I just sold several businesses and have a profit of 5 million before taxes, most of which will be considered capital gains. What is my expected tax liability with the new tax law and what investment s… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
Sold our business property in April of 2014. We held
Sold our business property in April of 2014. We held personally held the mortgage contract. Current principle balance was $494,000. We have been paying small capital gain amounts on our personal incom… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
10,136 satisfied customers
I have rental property in Italy that I purchased in 2003. It
I have rental property in Italy that I purchased in 2003. It meets the criteria for a rental. I have used no more than two weeks a year, it is continuously marketed for rental. It consistently has run… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
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
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,465 satisfied customers
I sold a business in California with real estate on July 6,
I sold a business in California with real estate on July 6, 2017. We entered into a 1031, and were not able to complete. Funds were released to us jan 5, 2018 after 180 days. California tax 3.33% has … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,888 satisfied customers
If I sell the rental property where I never lived bought it
If I sell the rental property where I never lived bought it as an investment and sold after 2 years on which part of schedule should I show… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
If I invest proceeds from the sale of commercial property
If I invest proceeds from the sale of commercial property into an indexed mutual fund REIT, do I still need to pay the capital gains on the sale or is this considered a transfer? … read more
Robin D.
Robin D.
Vocational, Technical or Trade School
24,059 satisfied customers
1. Client sold a (passive) investment partnership interest
1. Client sold a (passive) investment partnership interest for a $1MM+ gain (No issues re: “hot”/ord. assets, suspended losses, basis/at-risk). 2. Client also has rental real estate with over $1MM of … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,563 satisfied customers
Does capital gains tax has to be paid if you are the owner
Does capital gains tax has to be paid if you are the owner of a rental property and you move in yourself after 30 years. We paid $105,000 and it is assessed at $1,320,000.00. We have 3 houses includin… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
1,069 satisfied customers
Im a real estate professional who has previously had real
I'm a real estate professional who has previously had real estate losses offset ordinary income. I am the sole beneficiary & trustee of my deceased mother's Trust. That trust owns a property with a ga… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
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
Enrolled Agent
Master's Degree
271 satisfied customers
Hi HMRC have asked me to produce a Capital Gain calculation
Hi HMRC have asked me to produce a Capital Gain calculation on a property I sold with my partner back in 2009. History: Purchased October 2002 and lived in until December 2008. Rented out from Decembe… read more
Taxtom
Taxtom
Accountant
Bachelor's Degree
1,306 satisfied customers
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