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I'm plan to sell my home in CA and buy another one in the
I'm plan to sell my home in CA and buy another one in the same state. My home is worth 380k and as a married person I don't believe I'll have to pay capital gains tax on the sale. Here's my question: … read more
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My wife and I should be in the 12% tax bracket under the
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We sold our house in NC and move to Tennessee, how do I find
We sold our house in NC and move to Tennessee, how do I find out the taxes I need to pay so it dont hit me at the end of the year. What I need to pay in … read more
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I sold the home I owned for @ 35 years last July. In 2009 my
I sold the home I owned for @ 35 years last July. In 2009 my elderly Mother was hospitalized and unable to care for herself any more. She did not want to live in a nursing home so unexpectedly I moved from my home in another county hours away to live with her to take cared of her. I had not expected it to be permanent, but her health deteriorated further and I realized I would need to find someone to rent my house to. I could not afford to sell it as the market had tanked and it had lost over 200K in value and it was "under water" as I owed more than it was valued at that time. In 2012 my Mom had a stroke. She survived that until January 2015 when she passed away. The market came back enough for me to sell my house last summer. I sold it for 380 and got about 40K in cash after paying off the mortgage. I had rented it out for just over 5 years. I have had costs and expenses over the years of around 200K between repairs on the old place, building an art studio and then adding on to it to build a new house and tearing down and building the new plae which I sold last summer. I am researching to find out if there are any exclusions for paying capital gains under circumstances such as mine. I never rented it at a profit; the rent never covered the mortgage payment. Any advie or guidance of what I should do would be appreciated. I filed an extension for 2016 so need to get my taxes for that year filed very soon. … read more
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I helped a friend file s tax return last year. He had been
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I moved out of my primary residence on July 31, 2013 and
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My Mom is 95, only draws SS of $1444.00 a mon. plus $300.00
My Mom is 95, only draws SS of $1444.00 a mon. plus $300.00 penision payment from my Dad. We have just discovered that she has not filed income tax for the last 3 maybe 4 years. She is in bad health a… read more
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•Taylor has owned and occupied her personal residence (adjusted
•Taylor has owned and occupied her personal residence (adjusted basis of $190,000) for four years. • In April 2009, she sells the residence for $300,000 (selling expenses are $20,000). •On the same da… read more
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I sold my condo, the closing date was Sept. 18th 2009. I purchased
I sold my condo, the closing date was Sept. 18th 2009. I purchased the condo in May of 1992. I was married Feb. 5,2005. I rented my condo from April 2009, until Dec. 15th (?) 2007. I moved in then, wh… read more
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i bought the house we were living in for 8 years did many improvments
i bought the house we were living in for 8 years did many improvments and remodles. we bought it and had it for 2 years then sold it. we bought it for 89000 and sold for 133500. what is capital gains.… read more
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If I sell my second house, which has not been my primary residence
If I sell my second house, which has not been my primary residence for the last three years and three months, do I have to pay taxes on the sale of the house. I did not receive one penny of the money … read more
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My friends are U.S. citizens who are expatriates working in ...
My friends are U.S. citizens who are expatriates working in Indonesia. They own a house in the U.S. and have for over 5 years which they use when they come home on vacations or when the wife needs to … read more
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married couple filing separate returns sells principal ...
married couple filing separate returns sells principal residence wife only meets ownership test both spouses meet use test both spouses meet residence test they therefore can exclude 500,000 filing jo… read more
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I am selling a home for a profit and have only been ...
I am selling a home for a profit and have only been the title holder for 4 months. I am also purchasing a home to reinvest the income from the sale. How can I avoid capital gains taxes on the profit f… read more
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