Capital Gains and Losses

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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
Enrolled Agent, Paralegal
20,932 satisfied customers
This is a question for an accountant. I am located in
This is a question for an accountant. I am located in Florida. I am want to get the $250,000 exemption from the house I lived in for 3 years. I definitely lived in it 2 out of the last 5 years. I didn… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,787 satisfied customers
What If property was purchased for 300k 20 years ago and now
What If property was purchased for 300k 20 years ago and now worth 900k today. property in Trust . Capitol gains tax inheritance . How will that change my Tax bracket and how much taxes would I owe, I… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,360 satisfied customers
My parents (mom and dad, both over 55) and I are on the deed
My parents (mom and dad, both over 55) and I are on the deed of the house. The mortgage is in my father's name. I have lived there for 3 years. If the mortgage has 37k left on it and sells for 120/130… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,932 satisfied customers
We are curious if we need to pay Capital gains on the house
We are curious if we need to pay Capital gains on the house we just sold we started renting it in sept of 2019 and then purchased it in Jan of 2020 for 400k. We just sold it for 500k … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,932 satisfied customers
I am about to finalize a realestate transaction in Cambodia.
Hi, I am about to finalize a realestate transaction in Cambodia. I will have a capital gain of approx. $360,000, before Cambodian tax of US $ 24,000 (4% of the market price). I have the following ques… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,932 satisfied customers
Give me a sec. I am trying to sell my rental property in
I am trying to sell my rental property in March 2020. I need to know if I have to pay CGT on the sale profit. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,932 satisfied customers
I have two questions: 1) I have a big capital loss carryover
I have two questions:1) I have a big capital loss carryover from 2017 plus more stock losses in 2018. Normally I am not allowed to use more than $3K for capital loss in a given year. But I sold a hous… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,751 satisfied customers
I am inquiring for my girlfriend, regarding capital gains
Hello, I am inquiring for my girlfriend, regarding capital gains taxes due on her condo that she just sold in Miami Florida.I understand that there could be a break in the capital gains taxes due if t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,932 satisfied customers
I have a primary residence in Colorado- purchased in 1992. I
I have a primary residence in Colorado- purchased in 1992 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,329 satisfied customers
I don't type fast, I copy-n-pasted this from MS word) Okay,
Hi (I don't type fast, I copy-n-pasted this from MS word) Okay, here's my situation and question. I have all my divorce papers in order (From LegalZoom) and went to a local lawyer yesterday (just revi… read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,787 satisfied customers
I have a rental house which has lost money each of the last
I have a rental house which has lost money each of the last 5 years after considering depreciation and other expenses. These losses have been documented with the IRS. I would say the losses are about … read more
Robin D.
Robin D.
Vocational, Technical or Trade School
23,787 satisfied customers
I have owned my house for 10 years. I have just leased it,
I have owned my house for 10 years. I have just leased it, but have myself as a resident also on the lease (as it is my only home). If I sell it next year, will this affect my capital gains exemption … read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
17,647 satisfied customers
I live in florida, have owned my house years, bought another
Customer: I live in florida, have owned my house for 15 years, bought another house in Florida which I'm planning to occupy January. When I sell my first house which is on the market for lets say $350… read more
Richard
Richard
Owner
Doctoral Degree
6,056 satisfied customers
I know if I sell my current home I 't pay capital gains
I know if I sell my current home I don't pay capital gains up to 500,000 since I file jointly with my wife. Does this rule change at all in the following situation? We found a house that we want to bu… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
in regarde to my capital gains that we talked about. You said
in regarde to my capital gains that we talked about. You said I need to pay taxes from the time my name was put on the deed. I t was first put on with my mother in 1987 along with my brother in 2008 h… read more
Megan C
Megan C
Master's Degree
15,483 satisfied customers
. I transferred my fathers home into my name 2 years ago
Hello. I transferred my fathers home into my name 2 years ago for estate planning purposes. This was done in case he passed it would be easier to sell and avoid probate fees. He has always remained th… read more
Barbara
Barbara
Enrolled Agent, Paralegal
20,932 satisfied customers
Dad died last week and willed several real estate properties
Dad died last week and willed several real estate properties (7 properties) to three children to be divided equally. I expect to inherit one or two of these properties. I am currently 60 years old and… read more
R. Klein, EA
R. Klein, EA
Enrolled Agent
Master's Degree
271 satisfied customers
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