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Just sold a home that was given to us in percentage and when
Just sold a home that was given to us in percentage and when sold we owned (my husband and I) 25 percent. It was originally my mother's home but she did not have anymore interest in the home, just my … read more
Barbara
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My parents purchased a home 5/1997 for $70M. The home is
My parents purchased a home 5/1997 for $70M. The home is currently valued at approximately $90M. My father is now deceased and my mother is 86 years old and in poor health. The home has been rented fo… read more
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I have a question on Form 6252 Installment sale on Property.
Hi I have a question on Form 6252 Installment sale on Property … read more
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My parents left a condo to me and my sister. She wants to
My parents left a condo to me and my sister. She wants to live in the condo. The condo is worth $100000. The mortgage and taxes are $360 a month. The association us $160. Who pays what? Do we each get… read more
Lev
Lev
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Bachelor's Degree Equivalent
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i have raw land valued at $400,000 ....$250,000 is what i paid
i have raw land valued at $400,000 ....$250,000 is what i paid and put into it.....so profit is $150,000....i want to carry a note for the full amount for 30 years at 6.5%.....could you tell me how ca… read more
Lane
Lane
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Doctoral Degree
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My husband is an american citizen and owns a property outside
My husband is an american citizen and owns a property outside of the us. If we decide to sell the property and put the profit towards a home in the us. Do we have to pay tax on the money? Thank you… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Installment Sale Income: We did an Installment Sale on a piece
Installment Sale Income: We did an Installment Sale on a piece of raw land in 2006. We received a down payment and monthly interest only loan payments for a note we held for $430k. 2008 we received ou… read more
jgordosea
jgordosea
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Sold a 6 plex in 2007 as an installment sale and just renegotiated
Sold a 6 plex in 2007 as an installment sale and just renegotiated the sales price/reduced the note amount in 2012. According to IRS publication 537 it says to 'refigure your gross profit using Worksh… read more
Barbara
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I just sold my business via an asset purchase. The business
I just sold my business via an asset purchase. The business was sold for $75,000; which included taking over equipment, accounts receivable, inventory, signage, etc. I did 100% financing on this sale;… read more
Tax.appeal.168
Tax.appeal.168
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I am preparing my own returns this year and am unsure how to
I am preparing my own returns this year and am unsure how to list payment to us on the sale of inherited property. My father died in 1999, I inherited his commercial property. We sold it in 2006 throu… read more
Tax-Scholar
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I own 100% of a software company structured as an S corp. We
I own 100% of a software company structured as an S corp. We are considering selling all rights to our old software for $1 million. Can this be treated as a capital gain instead of income since softwa… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
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Hi if I have owned a piece of real estate no rental no buildings
Hi if I have owned a piece of real estate no rental no buildings on it and want to sell it would I pay capital gains on the whole balance if I take financing on it. For example the buyer wants to pay … read more
Marvin,EA
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my husband exercised stock options with a cost basis of 56,580
my husband exercised stock options with a cost basis of 56,580 and gross proceeds of 87,480 for a net of 30,900. The 30,900 was indicated on his W2 line V AND a 1099 was issued for 87,480 - what amt a… read more
Bill
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My mother sold me her home for $1.00 in 1991 after the death
My mother sold me her home for $1.00 in 1991 after the death of my father. She still lives in the home, but will be moving out of it this year. I'm selling it and doing a seller-financed mortgage over… read more
Merlo
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I own a rental property that we would just like to sell, we ...
I own a rental property that we would just like to sell, we have put $30,000 in materials in the home and did that by taking out a home equity on our home. We bought the home in 9/07 so we have owned … read more
The Guy Behind the Tree
The Guy Behind the Tree
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How are you taxed on property u sell that u owner finance
Hello again, The down payment and the principal payments that are received during the tax year (from the sale to the end of the year) will be the amount on which the profit percentage is applied to fi… read more
jgordosea
jgordosea
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Ok, this is a capital gains question, but here are the
This is a capital gains question, but here are the circumstances...My father purchased the home that myself and my family live in for 225K,we rent it from him but only for what he pays cuz he did it t… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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Hello,My mother owns a property that has no mortgage or
Hello, My mother owns a property that has no mortgage or any other liens against the title. She owns it free and clear. She wants to quit claim deed it to me. Once I receive it, I will immediately put… read more
Wendy Reed
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