Capital Gains and Losses

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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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I bought a second home in January of 2018. It was my
I bought a second home in January of 2018. It was my mother's home she went into a nursing home. I bought it for $156,000. I sold it in December of 2020 for $255,000. Do I have to pay capital gains ta… read more
JeffS6413
JeffS6413
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Master's Degree
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My husband is executor of his mother's estate (in Texas).
My husband is executor of his mother's estate (in Texas). Probate was open in 2019. He has an EIN. Notice was posted to debtors. He finalized debts with creditors. He submitted a 1040-SR last tax seas… read more
JeffS6413
JeffS6413
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My friend died 3/11/2020. She has no children and her
Hi My friend died 3/11/2020. She has no children and her husband has already passed. She has a couple of cousins. She had a small IRA and an apartment she owned. I got a IRS letter saying she took $68… read more
Barbara
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Jim, would the sale of the land be considered a long term
Jim, would the sale of the land be considered a long term capital gain? My husband and I are retired but with our pensions and social security our gross income approaches 100K annually. I am really go… read more
JeffS6413
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If I lived in a home for 8 years, rented it for 2 then moved
If I lived in a home for 8 years, rented it for 2 then moved back in for 2 then rented it again for 9 years, would I owe any taxes if I moved back in for 2 or more years? I have taken 300K in deprecia… read more
levr-tax-gain
levr-tax-gain
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My husband and I were "given" a condo in Houston, TX as a
My husband and I were "given" a condo in Houston, TX as a gift from my father in law. We moved to Houston for work. Literally 2 weeks after we received the condo, my husband was laid off, and we had t… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
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I purchased a house in 1992 and rented it out from 1993 to
I purchased a house in 1992 and rented it out from 1993 to present. I refinanced to upgrade the windows, AC, carpeting, and painting in 2005. My original purchase price was 70,000 and my sale price wa… read more
Carter McBride
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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®
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If someone bought a house in California in the 50s (for say,
If someone bought a house in California in the 50s (for say, $10,000), and then sold it in 2015 (to live in a nursing home) for $450,000, but 80% of the proceeds went to pay off the reverse mortgage, … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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This (hopefully) isn't too long & complicated. Here
Hello, This (hopefully) isn't too long & complicated. Here goes: 6/2008 I buy a house for 190K (with agreement to seller if I move to sell back to him.) I make monthly payments on a promissory note fo… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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Both my parents passed away last fall. They lived in house
Both my parents passed away last fall. They lived in house in Massachusetts which they bought for 135K back in 2000. At the time because of their credit issues my sister had to put the house in her na… read more
Stephen G.
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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
levr-tax-gain
levr-tax-gain
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I have a client who had bought into a partnership in 2011.
I have a client who had bought into a partnership in 2011. the 2011 k1 showed his initial contribution, plus his share of liabilities, less the 2011 loss from the company and the non deductible expens… read more
PDtax
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I sold my principal residence in 2005 and took the $500,000
I sold my principal residence in 2005 and took the $500,000 exclusion from sale of principal residence. Fast forward to 2015 and I have a residence valued at $300,000 for which I paid cash. Now I want… read more
jgordosea
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Question regarding tax implications of a home sale: If there
Question regarding tax implications of a home sale: If there is a reverse mortgage on a house and it is sold prior to the death of the occupants they will be paying back the reverse mortgage out of th… read more
R. Klein, EA
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Taxpayer is 92 year old mother who doesnt have income to pay
Taxpayer is 92 year old mother who doesn't have income to pay high property taxes on lake front home purchased 50 years ago. Only option seems to be high cost reverse mortgage despite short life expec… read more
R. Klein, EA
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Someone had previously lived at a home then moved away 3.5
Someone had previously lived at a home then moved away 3.5 years ago. Upon selling the home, it was stated that since he live in the home most of the time owned, he did not have to pay capitol gains t… read more
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