Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Connect one-on-one with {0} who will answer your question

Related Capital Gains and Losses Questions
My Stepfather has a life time estate on my mother's house in
My Stepfather has a life time estate on my mother's house in Hawaii. He lives in Hawaii 6 months and Washington State the rest of the year. The house is in a family Trust and my Stepfather is dissolvi… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,380 satisfied customers
I own a house that has been in a life estate for my mom
I own a house that has been in a life estate for my mom since 1993. If she passes away, do I inherit the house as the remainderer (?) at the current value or does the cost basis go back to 1993? Just … read more
Diligent Mike
Diligent Mike
Attorney
Master's Degree
294 satisfied customers
What is the implication of using a Quit Claim Deed with Life
What is the implication of using a Quit Claim Deed with Life Estate to transfer a property for parents to child(ren) on property tax reassessment as well as Step up in Basis upon the parents (life ten… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
56,112 satisfied customers
I was given a house by my aunt. she passed away. They still
I was given a house by my aunt. she passed away. They still owed $200,000 on it. I want to sell it as soon as possible for $1million. I will have it probably sold in two months. Will there be capital … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
2,976 satisfied customers
My children are Inheriting from a trust, half of a farm and
My children are Inheriting from a trust, half of a farm and the other half is a life interest to an aunt. As per the trust document, when the aunt passes, her half then goes to the children. Will ther… read more
Tax.appeal.168
Tax.appeal.168
Principal
8,155 satisfied customers
My mom has a life estate, setup about 5 and 1/2 years ago
Hello. My mom has a life estate, setup about 5 and 1/2 years ago with my brother as the remainderman. We have to sell the house and need to understand what the capital gains tax will be for bot her an… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,518 satisfied customers
My mother deeded over to me 30 acres of farm ground and her
My mother deeded over to me 30 acres of farm ground and her house and outbuildings in 2000 after my father passed away all with a life estate attached. The deeds are in my name and she also gets the a… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,529 satisfied customers
Father passed in 1983 left farm land in will to me but was
Father passed in 1983 left farm land in will to me but was to be for mother to live off for her life. Never titled to my name till she passed in 2017. Sold farmland how do I calculate Capitol gains fr… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
56,112 satisfied customers
My mother bought a house in 1976 for 70K She owned it until
My mother bought a house in 1976 for 70K She owned it until 2003 when she gave it to her 4 kids as an "outclaim deed of gift reserving life estate." The house had a market value of 400K in 2003. She p… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
56,112 satisfied customers
I inherited a GST-exempt Trust in June 2008 when my mother
I inherited a GST-exempt Trust in June 2008 when my mother passed away. There is a house in the trust that was partly owned by my mother and partly owned by myself and my husband. When my mother passe… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
56,112 satisfied customers
I plan to draft a revocable Living trust (Intervivos trust)
I plan to draft a revocable Living trust (Intervivos trust) for a client ( I am an attorney in Texas). My client has accumulated a large amount of US Savings bonds made out to her or her deceased aunt… read more
Jason M. Tyra, CPA
Jason M. Tyra, CPA
Principal
Master's Degree
168 satisfied customers
1999 my Father and his new wife quit claimed their Property
1999 my Father and his new wife quit claimed their Property to a Life Estate back in 1999. He died 2 years ago, and we all just sold the property. Not so worried about the amounts, but the tax law sur… read more
levr-tax-gain
levr-tax-gain
Tax Advisor
Bachelor's Degree Equivalent
56,112 satisfied customers
My mother (US Citizen) and mother-in-law (Canadian) want to
My mother (US Citizen) and mother-in-law (Canadian) want to distribute their assets before their death. They want to buy a house for our child, that we can live in (for a reduced rent). What is the be… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
This question is related to tax consequences of foreclosure,
This question is related to tax consequences of foreclosure, short sale, and deed in lieu. (all numbers rounded but are very close to actual) Home Purchased in 2006 for $700,000 with a 20% down paymen… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,567 satisfied customers
Capital gains on property quit claimed to children
My mother purchased a condo in 1979 in her name. She prepared a quit claim deed to my brother and I in 1999. The original purchase price was around 45,000. My mother assumed the original loan at the t… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,686 satisfied customers
I moved from Indiana to Nevada in May 2014 transferring
Hi I moved from Indiana to Nevada in May 2014 transferring my USPS job. I sold my primary residence in Sept for 135000. After paying the mortgage and fees... I realized about 60,000 dollars.I used it … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,686 satisfied customers
Seven brothers and sisters will inherit land worth $1 millon
Seven brothers and sisters will inherit land worth $1 millon is it best for our mother to sell it, or sellit after she passes?… read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
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
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

86 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

R. Klein, EA

R. Klein, EA

Enrolled Agent

271 satisfied customers

Over 20 Years experience in resolving tough tax cases

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x