Capital Gains and Losses

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I have 5 rental properties with a total of 10 units. 3
I have 5 rental properties with a total of 10 units. 3 houses are in Arkansas and valued at approx. 120-130k combined. I live in OR and would like to sell those. I think I payed approx. 90k for 3 rent… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
18,086 satisfied customers
I have two questions: 1) I have a big capital loss carryover
I have two questions:1) I have a big capital loss carryover from 2017 plus more stock losses in 2018. Normally I am not allowed to use more than $3K for capital loss in a given year. But I sold a hous… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,255 satisfied customers
We have a 22 year-old who attends collage and had NO income
Hello, We have a 22 year-old who attends collage and had NO income in 2018.This year I am considering including him as dependent, BUT… He managed to get capital losses in 2018 and capital gains in 201… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
18,086 satisfied customers
Had land and a mobil home in AZ. About 104K invested. Rented
Had land and a mobil home in AZ. About 104K invested. Rented from 2010 for $650/mo. Sold it last month for $90K. After costs, recd $84K on July 17, 2018. Will put $60K of that money down on a primary … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,200 satisfied customers
I have a client who sold a piece of rental property in 2017.
I have a client who sold a piece of rental property in 2017. The property was originally their primary residence which they paid $135K for the property. When the property was converted to rental prope… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,864 satisfied customers
I purchased a Rental Property in 2005 for $274,900. I turned
I purchased a Rental Property in 2005 for $274,900. I turned it into a Rental in 2011, and our Accountant at the time used a Value basis of $200,000. We sold the property in April-2017 for $256,000. I… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,682 satisfied customers
I converted my main home to a rental in 2007, fmv 499k at
I converted my main home to a rental in 2007, fmv 499k at conversion, I sold that property 2016, for 485k do I need to show anything on the tax return. I did not receive any 1099s for the property.If … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
19,355 satisfied customers
In 2007 I owned and began renting a townhouse. Every year
In 2007 I owned and began renting a townhouse. Every year resulted in a loss which I was not able to claim because the combined incomes of my wife and I were too high. I claimed depreciation in each y… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
19,355 satisfied customers
Years ago, sold primary resident. Shortly after, paid cash
Years ago, sold primary resident. Shortly after, paid cash for small house ($280,000). Used house as rental shortly after purchase. Few years later, divorced. I got small house (rental) and financed $… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,682 satisfied customers
I have approx. $11K in LT capital gains and $3K in ST
I have approx. $11K in LT capital gains and $3K in ST capital gains for 2015. In March, I had RSU's that vested at about $58/share (and paid ordinary tax on that value). The stock today is trading at … read more
Robin D.
Robin D.
Vocational, Technical or Trade School
18,086 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
265 satisfied customers
I see you have a very thorough discussion of capital loss carryovers
I see you have a very thorough discussion of capital loss carryovers from 2010. I incurred a net long term loss in 2011 and did NOT deduct it. I did not use carryover for 2012 either. If I adjust for … read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
265 satisfied customers
I have realized capital losses as an individual U.S. Citizen
I have realized capital losses as an individual U.S. Citizen for the years of 2011 and 2012, both of which were substantially greater than the $3,000/yr limit which an individual is allowed to deduct … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
173 satisfied customers
Does it ever not make sense to sell a stock for loss in a particular
Does it ever not make sense to sell a stock for loss in a particular tax year? I.E if there are no capital gains to offset the loss?… read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
Hello, I had bought a stock in 2009. I paid totally $4500
Hello, I had bought a stock in 2009. I paid totally $4500 in that year. Then the stock went down and finally bankrupt. It went bankrupt in 2011 i believe, i am not sure. I didnt do anything else on it… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
265 satisfied customers
I have a capital loss that has a 3,000.00 limit per year on
I have a capital loss that has a 3,000.00 limit per year on my tax return. I think that limit applies to ordinary income. Is that another type of gain such as short or long term capital gains where th… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
I paid $10,000 5 years ago for my deeded time share unit. I
I paid $10,000 5 years ago for my deeded time share unit. I have tried to sell it, but no one will buy it. To get rid of it, I must pay a company $2,000.00 to take it off my hands. I bought this prope… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
I am a Canadian and I have lived in the US with my wife for
I am a Canadian and I have lived in the US with my wife for 4 years. I am currently a green card holder. When we came to the US we owned a property in Edmonton, Canada. Shortly after coming, we purcha… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
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R. Klein, EA

R. Klein, EA

Enrolled Agent

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Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

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As an Enrolled Agent you can be ensured of my competence in income tax matters.

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PhillipB EA

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