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We bought a house and close escrow this year January 2019.
we bought a house and close escrow this year January 2019. We have a primary home that was a residence for about 20 years that we are thinking about keeping open as a secondary home. Is this the wrong… read more
Lev
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Bachelor's Degree Equivalent
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I am preparing for the fact that I will probably need to pay
I am preparing for the fact that I will probably need to pay a long term capital gains tax on a home that was gifted to my sisters and I. Home was purchased in the early 70s and sold 2018. 1)How do I … read more
Lev
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My wife's parents signed the deed to their house over to their
My wife's parents signed the deed to their house over to their three children a number of years ago, maintaining a life estate interest. They moved out about three years ago. In 2015 the house was sol… read more
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My wife and 3 siblings are selling a lake house that was owned
My wife and 3 siblings are selling a lake house that was owned by their parents, signed over to my wife, later put back into the 4 siblings names. How are the proceeds taxed?… read more
Lane
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I have a client whose parents, who are still living, sold their
I have a client whose parents, who are still living, sold their principal residence to their three daughters for $1.00 in 2003. Deed was transferred. It was considered a sale and not a gift, even thou… read more
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In 2004, my father in law transferred the deed to his house
In 2004, my father in law transferred the deed to his house to my wife and I (for $1) while he retained a life estate. He has continued to live in the house, but now we want to sell it and move him in… read more
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I have several questions. I have owned my parents home since
I have several questions. I have owned my parents home since 1982. They signed it over to me for a dollar. At the time of the purchase, the house was valued at $138,000.00. I have a letter from the re… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My mom signed her house over to me in March, 2004 for $1.
My mom signed her house over to me in March, 2004 for $1. The house has been in my name now 5 years and I am going to sale the house (I also owned my own home). Do I figure out the capital gain/loss o… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a client that is 85 years old with a dob of 1/30/23.
I have a client that is 85 years old with a dob of 1/30/23. She is widowed as of several months ago. She is living with her son and only has income from Social Security of $995 per month since the pen… read more
Ed Johnson
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I am temporarily living in a house in Texas with my ...
I am temporarily living in a house in Texas with my parents. The house was purchased several years ago, with my brother and me on the mortgage (not our parents). This house is meant to be my parents''… read more
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When selling a non homestead, non primary residence how ...
When selling a non homestead, non primary residence how much profit can be given to a grandson and daughter in law without involving a gift tax?… read more
Wendy Reed
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Master's Degree
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How much income tax do I pay on a house worth $160,000 ...
How much income tax (or gift tax) do I pay on a house worth $160,000 that is gifted to me by my father if I decide to sell it right away? I will be putting the money into another house that is worth a… read more
Jim Revels
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My father wants to gift me a $400,000 house in California ...
My father wants to gift me a $400,000 house in California that is paid off. I will not be married when he gifts it to me, though I will be married about 6 months later to someone who will not yet be a… read more
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My grandparents owe $150,000 on their home (WA State).
My grandparents owe $150,000 on their home (WA State). The home will likely appraise for ~$900,000. They would like to continue living in the home, but would like to sell their home to me for what the… read more
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My wife and I live in North Carolina and we live in home ...
My wife and I live in North Carolina and we live in home owned by her father. He owes about 27,500.00 on the house and plans on selling it for $55,000.00 and giving us the difference, can he gift the … read more
Zhicheng Lai
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I am part owner of a house. We are selling it. I will get ...
I am part owner of a house. We are selling it. I will get about $50,000 from the sale. This is not my primary home any more. Can I let my parents recognize my portion of the gain and then have each of… read more
Zhicheng Lai
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Master Degree
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I am asking this regarding a secondary house that was ...
I am asking this regarding a secondary house that was sold in 2006. It was initially bought for $69,000.00 and sold for $230,000. This house was not my primary residence. How is the capital gains figu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,992 satisfied customers
I live in Nevada. How much time to I have to purchase ...
I live in Nevada. How much time to I have to purchase another home after I sold my secondary home to avoid capital gains? Thanks for your help… read more
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