Capital Gains and Losses

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I sold my primary home in June 2019. Sorry we bought it in
Sorry we bought it in 2004 for 345,000 sold it in April 2014 for 485,000 . We bought another home July 2014 for 448,000 Added 30,000 in improvements and sold it in august 2018 for 595,000. Then bought another house in Feb 2019 for 448,000 added improvements of 32,000 ! My question is can we take the capital gains exclusion on both the sales of our primary homes within the 5 year period … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
I have purchased my house back in the 2006 for 350 k and
Hi .. I have purchased my house back in the 2006 for 350 k and sold it in 2020 for 377 k. Over the years I did repair my house and repairs are notched in my taxes. However I did not included all my ho… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
I bought a house in Dec 2019 and sold in Feb 2021 for a $60k
I bought a house in Dec 2019 and sold in Feb 2021 for a $60k gross profit. Do I need to list expenses when I file my 2020 taxes to avoid capital gains tax on the entire $60k? This was my primary resid… read more
Barbara
Barbara
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21,334 satisfied customers
I have a question regarding cost basis for an investment
I have a question regarding cost basis for an investment property, can HOA payments and utility bills paid during the time holding the property be added to the cost basis ? The property was never put … read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,426 satisfied customers
$100000 ca[ital gains tax owed for rental property just
$100000 ca[ital gains tax owed for rental property just sold … read more
ToyinK - CPA
ToyinK - CPA
Senior Fund Accountant
Master's Degree
140 satisfied customers
I got married in oct 15. I owned a home prior to getting
I got married in oct 15. I owned a home prior to getting married. Shortly after getting married i rented out my house in May 16. During the time it was rented we bought a house in May 17. To be able t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
If husband and I live in separate homes in California both
If husband and I live in separate homes in California both are our primary residence and we sell one, what are the tax implications for selling the one home (capital gains) and what if in future we ch… read more
Barbara
Barbara
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94 years old SSN 19000 blind I one eye term capital gain Lo.
94 years old SSN 19000 blind I one eye long term capital gain Lo … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
Before preparing my taxes, I need to be prepared, as a
Before preparing my taxes, I need to be prepared, as a retiree, to understand what my capital gains tax liability will be for 2018. Sold my home of 29 years in 2018 for $880K, which I paid $165K for i… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
57,021 satisfied customers
We sold our home in state for 875,000. this home was
we sold our home in washington state for 875,000. this home was inherited and was appraised at 497,000 when myself and my two sibling inherited it. my brother and sister and i had a written agreement … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
I'm trying to plan out what would be the most tax advanteous
Hi, I'm trying to plan out what would be the most tax advanteous thing to do with my in-laws' home when they pass away. They purchased this home decades ago for about $25K and it's now worth about $50… read more
levr-tax-gain
levr-tax-gain
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I inherited my fathers home upon his death. We totally
I inherited my fathers home upon his death. We totally renovated the home will close on the sale 01/17/17. I need to know about capital gains taxes? … read more
Mark Taylor
Mark Taylor
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2,563 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
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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
PhillipB EA
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Bachelor's Degree
130 satisfied customers
This year I sold a property that I inherited several years
This year I sold a property that I inherited several years ago, and owe capital gains. I took the money and invested it the stock market this year, and had losses. Can the current year's losses be off… read more
Stephen G.
Stephen G.
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Bachelor's Degree
8,779 satisfied customers
my mom recently passed away. She had gave all her land to
my mom recently passed away. She had gave all her land to us children 7 yrs ago and had a life time right to her house. Will we have to pay capital gains tax from when my mom and dad purchased farm in… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
1. 3 HEIRS INHERITED PARENTS FAMILY HOME IN 1996. BASIS OF
1. 3 HEIRS INHERITED PARENTS' FAMILY HOME IN 1996. BASIS OF PROPERTY AT THAT TIME WAS APPROXIMATELY 240,000 . ESTATE TAXES WERE NOT PAID UNTIL TY 2005, AND HOUSE WAS DISTRIBUTED TO A PARTNERSHIPWITH 3… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
I had a rental house in Arizona. I live in Washington. I sold
I had a rental house in Arizona. I live in Washington. I sold it as a Short Sale in July 2011 for 66,000.00 the mortgage was for 168,000.00. Will I be taxed as a capital gain? if so for how much? Can … read more
FredStevens
FredStevens
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