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I am selling real estate property that i have owned for 20
i am selling real estate property that i have owned for 20 yrs my wife and i file jointly our 2018 income will be under 50,000 im 62 my wife 60 our gain after the sale is 325,000 what capital gains ta… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,316 satisfied customers
Relative purchase house 02/2016 for $220,000 I assumed his
Relative purchase house 02/2016 for $220,000I assumed his VA loan of $212,000 on 08/2017 (value of house not appraised at the time but probably worth $235,000)Relative continued to live in house and i… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,631 satisfied customers
I purchased a house in Minnesota in 2010. In June of 2016 I
I purchased a house in Minnesota in 2010. In June of 2016 I rented this property out to a military family. I purchased and closed on a townhouse, also in Minnesota at the same time. We are now conside… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,631 satisfied customers
My wife and I bought and moved to a new house in Dec 2016.
Hi...My wife and I bought and moved to a new house in Dec 2016. We had lived in that house for 26.5 years with no break. My son is in the house now and we are led to believe that we have to sell it by… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I sold a house in December 2016. It was first one I ever
I sold a house in December 2016. It was first one I ever sold and I did not know about capital gains. Now I do. I am almost through filing on tax act's site, but I do not know how to handle capital ga… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,631 satisfied customers
If I sell my primary house within the first two years, will
If I sell my primary house within the first two years, will I have to pay capital gains on the profit I make? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,924 satisfied customers
I inherited a house in April 2016, and now selling the home
I inherited a house in April 2016, and now selling the home today. Do I still qualify for the capital gain tax exemption and is the gains based on what the home was worth in 2016? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,631 satisfied customers
Sept 2013 my mother & I purchased a house for her to live in
Sept 2013 my mother & I purchased a house for her to live in for $152,000. She lived there until her death in April of 2016. The deed to the house was her "and" me. I went thru probate and changed the… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
2,214 satisfied customers
I bought my house in 2011 for 269K and lived in it till July
I bought my house in 2011 for 269K and lived in it till July 2016. As I moved to different state on Job, I rented it out from October last year as I could not sell it. I plan to put it in market this … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,316 satisfied customers
Capital gains questions - Bought house in May 2016 for
Capital gains questions - Bought house in May 2016 for $213,000 with my husband and we added approximately $12,000 in upgrades. We have now determined that we cannot afford to live in the house and wa… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,921 satisfied customers
My wife and I sold our primary residence in November 2015 in
my wife and I sold our primary residence in November 2015 in Valdez Alaska (purchase price $265,000. sold price $325,000 and in March of 2016 we purchased a retirement house in Florida and in May of 2… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I own a townhouse for 3.5 years on which I have a mortgage
I own a townhouse for 3.5 years on which I have a mortgage and I own a second house that is during construction since 2010. I put my townhouse for sale in 2016, and was planning to move to the second … read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,631 satisfied customers
I live in California and I'm trying to better understand the
I live in California and I'm trying to better understand the tax implications (Capital Gains Taxed) if I sell my rental. I've read many articles and think I understand the basics. I understand there i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,921 satisfied customers
Continuing with my last question. I came to live in WA
Continuing with my last question. I came to live in WA state in June of 2013, while still keeping my room in SF. Utility bills of the home still in my name. My sons lived there. I still had bank accou… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,316 satisfied customers
I will be selling my house summer of 2016. I am then buying
I will be selling my house summer of 2016. I am then buying another house. Do I pay tax on any of my capital gain if I buy another house? If so, how much? Do I have to use all of the money from the sa… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My family is moving to another state in July of 2016. We
My family is moving to another state for work in July of 2016. We want to purchase a new house there in 2015, then sell our current house after we've moved out of it. Can we still use our capital gain… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,631 satisfied customers
I live in a house that I rent from my parents. They claim it
I live in a house that I rent from my parents. They claim it on their taxes as a rental property, as that is what it is. They would like to sell me the house for exactly what they owe on it. I would l… read more
Tax.appeal.168
Tax.appeal.168
Principal
5,012 satisfied customers
i will be selling a second home for 60,000 dollars. I have
i will be selling a second home for 60,000 dollars. I have owned the second property over 5 years. My home I have owned for 10+ years 1st home. My question is what rate will the $60,000.00 be taxed? I… read more
Tax.appeal.168
Tax.appeal.168
Principal
5,012 satisfied customers
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