Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

My brother sold s house 2-3 years ago, has 300K getting less

Customer Question
My brother sold his house...
My brother sold his house 2-3 years ago, has 300K getting less than 1 % in bank,does not want risk, I think he must be able to do something better with ?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
10/30/2015
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,162
Experience: Taxes, Immigration, Labor Relations
Verified

If your brother would not take ANY risk - there is nothing better he may do...
Any other options will have some level of risk.

We may look for options that allow to minimize the risk - but there is no way to eliminate it.

For instance - real estate is relatively not expensive - and your brother might want to purchase a rental property - and depending on circumstances - may expect 5-20% rental income.

He might purchase an existing business - and might have much better business income.

Another option is to invest into stock market. Yes - there will be a risk of loosing the money, but with 2% inflation - he is loosing the value anyway...

Ask Your Own Tax Question
Customer reply replied 2 years ago
He also has no business sence, nothing would be good enough, real estate might collapse, stock market - to high risk for him.
Tax Professional: Lev, Tax Advisor replied 2 years ago

Unfortunately - if he woudl NOT tolerate any risk - having a bank CD is the ONLY option.
Taking a risk is a key to any earnings.

First of all - never put all your money into one single investment option. Always diversify your savings.

Some low risk options to consider...

-- invest into children or grandchildren educational plan

-- purchase some annuity - see here

http://money.cnn.com/retirement/guide/annuities_basics.moneymag/

You can opt to receive payments for the rest of your life, or for a set number of years. How much you receive depends on whether you opt for a guaranteed payout (fixed annuity) or a payout stream determined by the performance of your annuity's underlying investments (variable annuity).

-- purchase US Savings Bonds

http://www.savingsbonds.com/rates.cfm

All these would be still related to current interest rates - and actual earning would; not be much better.

    Ask Your Own Tax Question
    Customer reply replied 2 years ago
    Sorry, I understood after I paid for my own problem, was able to ask something like this, and was not expected to have to pay again.
    Tax Professional: Lev, Tax Advisor replied 2 years ago

    You do not need to "pay again"
    But that is a the site which charges for services.

    If the answer has no value for you - you may simply ignore it.

    Whether you pay separately for each question or you selected a subscription plan - depends how you signed for services.

    Experts do not have access to your account - so I personally may not know.

    If you are not sure about your payments - you would need to contact the customer service directly.

    If that is an issue - see contact information on this page http://ww2.justanswer.com/help

    Ask Your Own Tax Question
    Ask Lev Your Own Question
    Lev
    Lev
    Lev, Tax Advisor
    Category: Tax
    Satisfied Customers: 30,162
    30,162 Satisfied Customers
    Experience: Taxes, Immigration, Labor Relations

    Lev is online now

    A new question is answered every 9 seconds

    How JustAnswer works:

    • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
    • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
    • 100% Satisfaction GuaranteeRate the answer you receive.

    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:

    Wallstreet Esq.

    Wallstreet Esq.

    Tax Attorney

    586 satisfied customers

    10 years experience

    Mark D

    Mark D

    Enrolled Agent

    1,300 satisfied customers

    MBA, EA, Specializing in Business and Individual Tax Returns and Issues

    Richard

    Richard

    Tax Attorney

    4,310 satisfied customers

    29 years of experience as a tax, real estate, and business attorney.

    Robin D.

    Robin D.

    Senior Tax Advisor 4

    13,695 satisfied customers

    15years with H & R Block. Divisional leader, Instructor

    Megan C

    Megan C

    Certified Public Accountant (CPA)

    8,651 satisfied customers

    Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

    jgordosea

    jgordosea

    Enrolled Agent

    2,885 satisfied customers

    I've prepared all types of taxes since 1987.

    R. Klein, EA

    R. Klein, EA

    Enrolled Agent

    1,839 satisfied customers

    Over 20 Years experience

    < Previous | Next >

    Related Tax Questions
    I inherited rental properties. I got an LLC set up using an
    I inherited rental properties. I got an LLC set up using an EIN number with a property management who no longet works for me.Can I remove their EIN number? legalgems… read more
    NPVAdvisor
    NPVAdvisor
    CFP Licensee and Practitioner
    Master's Degree
    180 satisfied customers
    I bought a rental property for 49000 and sold it for 29000
    I bought a rental property for 49000 and sold it for 29000 many years later. During those years I depreciated it entirely. So do I it don't I have to pay capital gain on the entire 29000? … read more
    abci168
    abci168
    Principal
    27 satisfied customers
    My question is about depreciation for rental property. My
    Hello. My question is about depreciation for rental property. My rental property had no income during one year. In this case, since there was no income, I do not need to claim depreciation for that sa… read more
    Fred Rook
    Fred Rook
    Corporate Controller
    BSBA
    32 satisfied customers
    I got a 1099 A of a rental property with information on Box
    I got a 1099 A of a rental property with information on Box 2 and Box 4 how do I report it on my tax… read more
    Lev
    Lev
    Tax Advisor
    30,162 satisfied customers
    Would owning a second home that is used for rental property
    Would owning a second home that is used for rental property income affect VA survivors benefits? Would SSDI income?… read more
    Barbara
    Barbara
    Enrolled Agent, Paralegal
    3,490 satisfied customers
    I have a rental property that required major repairs this
    I have a rental property that required major repairs this year. The repairs minus deductible were covered by my insurance. Is the entire amount of repair an allowable expense or only the insurance ded… read more
    NPVAdvisor
    NPVAdvisor
    CFP Licensee and Practitioner
    Master's Degree
    180 satisfied customers
    Are you familiar with Capital Gain taxes on rental property?
    Are you familiar with Capital Gain taxes on rental property? … read more
    Lev
    Lev
    Tax Advisor
    30,162 satisfied customers
    I recently received a car as a payment for rental property
    Hi, I recently received a car as a payment for rental property and I was wondering how the tax treatment would be … read more
    Robin D.
    Robin D.
    Senior Tax Advisor 4
    Vocational, Technical or Trade School
    13,695 satisfied customers
    I sold a rental property at a loss (no capital gains);
    I sold a rental property at a loss (no capital gains); however should I pay the $133,000 on the principal of my house I owe 166,000 at 2.8% or buy another rental? … read more
    Lev
    Lev
    Tax Advisor
    30,162 satisfied customers
    If my Schedule E loss is disallowed for a rental property
    If my Schedule E loss is disallowed for a rental property (due to income level), can I take the mortgage interest and real estate taxes paid on Schedule A instead of on Schedule E?The entire expense a… read more
    Chad CFP ®
    Chad CFP ®
    Certified Financial Planner(R), Pro
    Master\u0027s Degree
    736 satisfied customers
    Disposition of Rental Property. Rental property: Gross sale
    Disposition of Rental Property.Rental property : Gross sale price: $600K Cost or Other Basis plus Selling Expenses: $300K Depreciation allowed or allowable: $100K (Form 4797 line 22)Adjustment: $300K … read more
    emc011075
    emc011075
    Senior Tax Specialist
    Bachelor's Degree
    16 satisfied customers
    In Texas A & single females have several rental properties
    In Texas A & B single females have several rental properties in joint tentancy with right of survivorship. The 1099 is under A's SSN. In 2015 rental income was filed under B's federal tax. IRS now all… read more
    Robin D.
    Robin D.
    Senior Tax Advisor 4
    Vocational, Technical or Trade School
    13,695 satisfied customers
    I own a condominium which is currently a rental property and
    I own a condominium which is currently a rental property and has never been my primary residence. Would like … read more
    Chad CFP ®
    Chad CFP ®
    Certified Financial Planner(R), Pro
    Master\u0027s Degree
    736 satisfied customers
    We are considering purchasing a rental property in Cape. My
    we are considering purchasing a rental property in Cape Cod. My understanding to get the full tax advantage I am only allowed to stay in the property for 14 days. Is this the case even when the rental… read more
    NPVAdvisor
    NPVAdvisor
    CFP Licensee and Practitioner
    Master's Degree
    180 satisfied customers
    If two people are listed on rental property and sell house
    If two people are listed on rental property and sell house can only one of them pay taxes on gain … read more
    Chad CFP ®
    Chad CFP ®
    Certified Financial Planner(R), Pro
    Master\u0027s Degree
    736 satisfied customers
    We have a client who owns a rental property and was
    We have a client who owns a rental property and was receiving sale option money over many years and was showing that as a liability until the escrow was terminated and the buyer walked away from his o… read more
    taxmanrog
    taxmanrog
    Master\u0027s Degree
    702 satisfied customers
    Installment Sales - A taxpayer owns rental property (over
    Installment Sales -A taxpayer owns rental property (over several years). Taxpayer is selling rental property and will hold the mortgage for the purchaser. Will this be considered a straight sale, reco… read more
    Robin D.
    Robin D.
    Senior Tax Advisor 4
    Vocational, Technical or Trade School
    13,695 satisfied customers
    Use it as a rental property. My question is regarding
    use it as a rental property. My question is regarding depreciation. The amount of the property is $300k. I believe I can take $300/27.5 per yr or $10900 of depreciation. My income of the property is e… read more
    Robin D.
    Robin D.
    Senior Tax Advisor 4
    Vocational, Technical or Trade School
    13,695 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.

    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