Capital Gains and Losses

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Related Capital Gains and Losses Questions
I sold my house in February this year with $380k capital
I sold my house in February this year with $380k capital gain. As a single person i have a $250k allowance, which I have calculated to be only $150k due to the fact i used $100k to write of capital ga… read more
emc011075
emc011075
Master Tax Adviser
Bachelor's Degree
8,953 satisfied customers
Planning to sell house in trust (irrevocable) that my mother
Planning to sell house in trust (irrevocable) that my mother left for me and my brother. If we sell it, what kind of taxes do we pay? Capital gains on the trust? And if so, how is it calculated? House… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
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My father recently passed away and in (I think) May of 2019
my father recently passed away and in (I think) May of 2019 he added my sister and I to the deed of his house.....how does this gains tax affect us upon the sale of the house? … read more
emc011075
emc011075
Master Tax Adviser
Bachelor's Degree
8,953 satisfied customers
I inherited a property consisting of a house/lot and an
I inherited a property consisting of a house/lot and an adjacent lot. The cost based was calculated on the total property as a house on one large lot. Later I separated the property into two separate … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,295 satisfied customers
If my mother gifts me acreage is there some point where I
If my mother gifts me acreage is there some point where I wouldn't have to pay capital gains taxes if I sold the land? … read more
emc011075
emc011075
Master Tax Adviser
Bachelor's Degree
8,953 satisfied customers
I purchased a house from insurance money from the Paradise
I purchased a house from insurance money from the Paradise Camp fire and now have to sell it. I have only lived here a little over a year. Would I have to pay capital gains on it if I only spend a sma… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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My wife and I are over 80 years old, get $43000 social
My wife and I are over 80 years old, get $43000 social security, withdraw around 25000 per year from IRAs ...paid 0 tax for 2018 due to lots of deductions. We are selling piece of land..partly inherit… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,778 satisfied customers
I spoke with fidelity. I want to change the type of account
I spoke with fidelity. I want to change the type of account for some stocks I have that are in an inherited IRA BDA account. So I asked about closing this and moving everything out of this type of acc… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,898 satisfied customers
Paradise CA home just destroyed in fire. Purchased in 1976,
Paradise CA home just destroyed in fire. Purchased in 1976, and looking at a huge capital gain from insurance settlement. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,295 satisfied customers
We have a rental property we are considering selling. We
We have a rental property we are considering selling. We inherited the house in 1998 owing to the death of a relative We rented it out for a few years but now our son lives there for free. At the time… read more
Barbara
Barbara
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I inherited a propert thru a living trust in 1994ish.. lived
I inherited a propert thru a living trust in 1994ish.. lived in it until 2007.. rented it out until recently. We are going to sell it. How much would I be on the hook for in capitol gains. I have no c… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
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
Mark Taylor
Mark Taylor
Certified Public Accountant
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Thank you.. my husband and i were left his dad's house in
thank you.. my husband and i were left his dad's house in 2013 when he passed away. we want to sell the house and get a divorce after the house sells. is there a one time excemption for capital gain t… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,898 satisfied customers
We are in Anoka, MN. We have 3.5 acres and plan on selling
We are in Anoka, MN. We have 3.5 acres and plan on selling approx. an acre. My husband originally bought a 1/2 acre from his father. When his father passed, he was willed approximately another acre. T… read more
emc011075
emc011075
Master Tax Adviser
Bachelor's Degree
8,953 satisfied customers
If I am selling a home that was financed in my mother's name
If I am selling a home that was financed in my mother's name but I paid all the mortgage payments and etc, and she passed away 10 years ago and I have been renting it to a friend and his wife who are … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,778 satisfied customers
My mother is 98 years old, has dementia, and is living in a
My mother is 98 years old, has dementia, and is living in a rural Colorado skilled nursing facility. She has social security, some help from a long-term care policy, and is self-paying due to the sale… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
I inherited property that was severely damaged in a fire (the
I inherited property that was severely damaged in a fire (the decedent passed away a couple of months after the fire when the house was still damaged). There was an insurance claim in the works at the… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,778 satisfied customers
we had a fire in 2007 - mortgage was 205000 - total loss 405000
we had a fire in 2007 - mortgage was 205000 - total loss 405000 - insurance pd 405000 - never rebuilt. what would be capital gain if sell at 500000… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,543 satisfied customers
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