Capital Gains and Losses

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My husband and I are selling a house in MD that was used as
My husband and I are selling a house in MD that was used as a rental property. We are looking at netting about 60k from the sale and would like to know the tax implications/liability in the following … read more
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I bought a house years ago for ,000 and now I'm selling it
I bought a house years ago for 69,000 and now I'm selling it for 68,000, do I owe Capital gains as a rental property? … read more
emc011075
emc011075
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Do you subtract the amount you purchased the business for
Do you subtract the amount you purchased the business for from what you sold it for? … read more
James Daloisio
James Daloisio
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My husband and I have been separated and living in separate
My husband and I have been separated and living in separate homes since 2015. In Feb of 2019, my credit was in the tank, so he kindly bought a second home for me to live in until my credit improved en… read more
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My Mom had a life estate on her house and the house became
My Mom had a life estate on her house and the house became mine upon her death. I have since sold that house. Now, I am in the process of selling my primary residence. I purchased the house in 1977 jo… read more
PDtax
PDtax
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My grandmother bought my house for $75,000. She transferred
My grandmother bought my house for $75,000. She transferred it to me in July and it is being rented out for 1100 a month. I want to sell it in March 160000in March I have no job, or income other than … read more
JeffS6413
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I purchased my first rental property in Toronto last year.
I purchased my first rental property in Toronto last year. My parents put down half of the down payment. The property was 100% under my name. We verbally agreed that we would split 50/50 for all profi… read more
AndrewD914
AndrewD914
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Just received an IRS bill for 200,000 for sale of my house
Just received an IRS bill for 200,000 for sale of my house in 2018. Purchased for $157,000 in 1997, sold for 470,000 in 2018. It was refinanced twice during a 20 year marriage that ended in divorce. p… read more
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About the market value of a property who decides how much it
About the market value of a property who decides how much it is worth and how?When it is time to sell, is it the lot and building assessment combine that dictates the value?I am paying and living in a… read more
JeffS6413
JeffS6413
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I live in California. My house is my only resident, but it
I live in California. My house is my only resident, but it is a large place for me. I want to rent out my house, and find a small apartment to move in. I want to calculate the gain or lost by renting … read more
Barbara
Barbara
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My 4 siblings and I inherited a home from our late mother in
Hello, my 4 siblings and I inherited a home from our late mother in 2017. … read more
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I purchased property in 2003 with about 67.5 acres. I
Hello,I purchased property in 2003 with about 67.5 acres. I believe the original price we paid was $180,000. The property was subdivided into a 40 acre parcel and 27.5 acre parcel. The 40 acre parcel … read more
Stephen G.
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
Lev
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My son and daughter own (free and clear) the mobile home and
My son and daughter own (free and clear) the mobile home and the 2 acres of land the MH sits on. The MH is 30 years old. I so not pay any rent. The original cost of the land, MH, septic, and well was … read more
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I am selling a house in SATX for $51K on a quick sale that
I am selling a house in SATX for $51K on a quick sale that I purchased in 1986 for $65K. The appraised value of the house is $71.6K. For the last nine years or so my son and his family have rented the… read more
R. Klein, EA
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My ex husband bought our house in 1993 for 450. Loan was for
My ex husband bought our house in 1993 for 450. Loan was for 325. It was in his name only until 2003, when we refinanced for 425 in both names. In 2004, we got divorced and I had to buy him out for ex… read more
jgordosea
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Background: our grandma died and left 4 siblings a house. The
Background: our grandma died and left 4 siblings a house. The probate ended and now 4 names are XXXXX XXXXX deed. With a rough appraisal of $300K we have had an offer of $230K which includes a $50K al… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
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We have lived in current home for 7 years however it was originally
We have lived in current home for 7 years however it was originally purchased by my sister. We lived together for 4.5 years before she married and moved into her own home elsewhere. I have continued t… read more
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