Capital Gains and Losses

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Related Capital Gains and Losses Questions
Can I carry over capital losses in California if I'm a part
Can I carry over capital losses in California if I'm a part time resident? … read more
emc011075
emc011075
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Bachelor's Degree
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What If property was purchased for 300k 20 years ago and now
What If property was purchased for 300k 20 years ago and now worth 900k today. property in Trust . Capitol gains tax inheritance . How will that change my Tax bracket and how much taxes would I owe, I… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,426 satisfied customers
I am selling my house this year and expecting a capital gain
I am selling my house this year and expecting a capital gain of about 300k after all deductions, etc. I have a short term capital loss carryover of $22,000 still ( after about 15 yeArs of deducting th… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,680 satisfied customers
Husband died in 2017 - wife died in 2019 (both together have
Husband died in 2017 - wife died in 2019 (both together have 2 million dollar property in their trust). Trust beneficiary were their son and daughter 50/50. They sold the house in 2020 for 2 million. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,243 satisfied customers
I have a few rental properties and I've just sold one last
I have a few rental properties and I've just sold one last week. I have a few questions: 1. Can I use my losses to offset my depreciation in this property. All of my properties are under my name for t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,243 satisfied customers
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
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
My wife and I bought a house in 2006, lived in it until
My wife and I bought a house in 2006, lived in it until 2009, could not sell because value dropped 90,000. Rented the house from 2009 - 2017. Tax preparer depreciated property 27.5 years 12,766 per ye… read more
Alexander Efros
Alexander Efros
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This question relates to NJ tax on sale of an NJ property by
This question relates to NJ tax on sale of an NJ property by a PA resident. Scenario: 1. My mother inherited a house in Wildwood Crest NJ from her mother and paid $1.00 for it in 2003. My grandmother … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 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
6,680 satisfied customers
Pearl. I sold my rental property in 2017. I rented it for
Hi, Pearl. I sold my rental property in 2017. I rented it for ten years and never reported carryover losses. I lost money every year. I have a capital gain and the carryover losses would eliminate it.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
How can I use my $ 512,000 Capital gain Lost. How can I use
How can I use my $ 512,000 Capital gain Lost JA: I love the idea of making big money with investments, but there are so many things that could go wrong. The Accountant will be able to help you. Please… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,680 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
41,567 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
23,909 satisfied customers
My husband and his first wife divorced 8 years ago. He bought
My husband and his first wife divorced 8 years ago. He bought her out of an investment property appraised at $265k that he had acquired before their marriage for @$90k. The two had refinanced during t… read more
Lane
Lane
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Doctoral Degree
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In June 2003 we purchased a parcel of undeveloped land
In June 2003 we purchased a parcel of undeveloped land (investment property) for $35k. In April 2015 we sold the undeveloped land for $5k. How do we declare this loss to IRS for 2015? If we sell a ren… read more
PhillipB EA
PhillipB EA
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130 satisfied customers
I live in California. We file a joint return. My wife has
I live in California. We file a joint return. My wife has considerable capital gain to report. I have been sitting on about $165K of capital loss if I sell a worthless stock (TSTC), and I have been si… read more
R. Klein, EA
R. Klein, EA
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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
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We inherited a house from my mother-in-law 2 years ago, at
We inherited a house from my mother-in-law 2 years ago, at a higher value when she passed then when we sold. This was her 2nd house, no liens or mortgages, bought long ago for investment. It took abou… read more
Bill-the-CPA
Bill-the-CPA
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