Capital Gains and Losses

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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
Tax advisor and Enrolled Agent
Bachelor's Degree
6,937 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
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Re: Sale of residential rental real property which will not
Re: Sale of residential rental real property which will not be replaced by other property Summary: 300,000 purchase price 1-1-2014 1,068 purchase costs 12,437 improvements (heat pump & roof) 20,000 se… read more
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Barbara
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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
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For wanting anonymity I created a blind real estate trust
For wanting anonymity I created a blind real estate trust which I am the beneficiary but my Lawyer is the trustee in order to buy 7 building lots of land near me at auction.My purchase price was appro… read more
JeffS6413
JeffS6413
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Master's Degree
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My wife and I are selling our house that we lived in almost
Hello, my wife and I are selling our house that we lived in almost 5yrs ago. We kept it until the real estate market came back. During that time I can claim I lived in it for 2 out of the 5 yrs while … read more
Barbara
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If I own a property with my daughter what is the capital
If I own a property with my daughter what is the capital gain if we sell the property? How many years my daughter has to joint own the property before she counts for capital gain?… read more
Tax.appeal.168
Tax.appeal.168
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We have not prepared any paperwork or signed anything with
We have not prepared any paperwork or signed anything with the mortgage company. … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,937 satisfied customers
I'm a single filer and still owe 142k on a 350k appraised
Hi, I'm a single filer and still owe 142k on a 350k appraised house. Selling house makes me over 250k in gain so any profit over 250k gets taxed at my marginal rate (20-30% lately). Question, if I pla… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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4,197 satisfied customers
I am selling in September my apartment based in France.
I am selling in September my apartment based in France. Since I am an US resident, I will pay capital gain here in California and Federal Capital gain.Federal is maximum 15% and I know it is dependent… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,937 satisfied customers
Robin, I am still trying to figure out my strategy in
Hi Robin, I am still trying to figure out my strategy in regards ***** ***** property in preforeclosure as I prepare to sell. Can you help me work out what might be left after I sell the house - just … read more
Robin D.
Robin D.
Vocational, Technical or Trade School
24,091 satisfied customers
I have a question for a tax professional who is familiar
Hi, I have a question for a tax professional who is familiar with capital gains and family law.My ex husband and I got divorced in 2009, amicable divorce. When married we purchased a house in 2004 for… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
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In California, there used to be a one-time "dump" of capitol
In California, there used to be a one-time "dump" of capitol gains on the sale of your primary residence if you were 55 or over, and met certain conditions. Is this still in place? If so, what are the… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,937 satisfied customers
My son and girlfriend were trying to buy a house in 2010.
My son and girlfriend were trying to buy a house in 2010. Because of the 2008/2009 burst housing bubble, mortgages were tight. They had a fairly short work history and were not able to qualify for a l… read more
Mark D
Mark D
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1,338 satisfied customers
I am closing on a house next week. I purchased the house in
Good morning. I am closing on a house next week. I purchased the house in 2012 with the thought of moving into it. However, I month after purchasing the house, I took a job in another state. I had the… read more
Tax-Scholar
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A married couple want to sell their primary home, how many
A married couple want to sell their primary home, how many years they have to live there in order to deduct the exclusion of $500,000? How should they calculate the capital gain? Can they deduct the d… read more
Barbara
Barbara
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Since March of 2011, I am under contract to sell my primary
Since March of 2011, I am under contract to sell my primary residence in state of Washington with escrow to close April 2013. I will profit about 500K from the sale. (250K is then exempt from capital … read more
PhillipB EA
PhillipB EA
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My mother-in-law is 83 years old. She has two children and
My mother-in-law is 83 years old. She has two children and 9 grand children. She has a trust for her estate which at this time has an approximate value of $1.75 million, and currently all the assets a… read more
R. Klein, EA
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