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I need to to go to Lev whenever he is available. Lev please
I need to to go to Lev whenever he is available. Lev please look at this thread. I think Lane argument is stuck on the fact this the quit claim was not a gift because no money was exchanged... The qui… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,828 satisfied customers
Lev, just to be clear based on the conversation we had
Lev, just to be clear based on the conversation we had yesterday. on the Form8949 I should enter the date acquired and date sold as the same day with the sale price and the cost basis = proceeds. How … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,828 satisfied customers
My father passed away without a will. The land that the
hello, my father passed away without a will. The land that the house they lived in was in his name only and I jut found out that I technically inherited a fourth of that. My mom is selling the house a… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,330 satisfied customers
I gave my daughter down payment for a property that her has
I gave my daughter down payment for a property that her has rented for 5 years. I was quick claimed on the deed a year ago. We need to sell however do not want to do an exchange. Need to cash out. She… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
415 satisfied customers
I own a property in my Entity name (it's an LLC), and i want
Hi Pearl, I own a property in my Entity name (it's an LLC), and i want to quit claim it to my partner. what will the tax consequences be? The property is free and clear of a mortgage. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
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My mom purchased 1/3 of a vacation home for $60,000 in 08.
My mom purchased 1/3 of a vacation home for $60,000 in 08. It is in an LLC with the other 2 owners. She is selling her 1/3 to the other two owners for $60K. We just do a quit claim deed and there is n… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,828 satisfied customers
1). who can claim tax deduction on property taxes for a condo
1). who can claim tax deduction on property taxes for a condo if two people are on the title? 2). how are the taxes affected upon sale of the condo if a quit claim deed was filed and now two new peopl… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Own the duplex from 1987. price 124K. Depreciated about 100K Duplex
Own the duplex from 1987. price 124K. Depreciated about 100K Duplex rented from 1987-2006 Owner ocuppied 1/2 from 2006- 2012. 2012 owner moved out. Duplex 1/2 ocupied by son 1/2 rented. From tax point… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
I have a question regarding gift taxes for foreign spouses. My
I have a question regarding gift taxes for foreign spouses. My parents are Canadian Citizens and nonresident aliens to the U.S. In March, my father bought a new house in San Jose. He is listed as the … read more
socrateaser
socrateaser
1,458 satisfied customers
My wife and I bought an investment property from HUD, with
My wife and I bought an investment property from HUD, with the sales contract signed with our legal names. We have not closed on that property yet and I realized that it would be wise to create an LLC… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
my aunts house is in her revocable living trust and i am the
my aunts house is in her revocable living trust and i am the beneficiary of the home when she dies. She owes nothing on it and wouldddd like to sign it over to me now so i can start making improvement… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
In 1996, my parents bought us (wife and 3 kids) a house in
In 1996, my parents bought us (wife and 3 kids) a house in California. The title and mortgage is in their name and we pay them every month. They have never lived here. The house is considered our hous… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I OWN A BUSINESS IN NEW YORK. SOLE PROPRIETOR. I OWE NY SALES
I OWN A BUSINESS IN NEW YORK. SOLE PROPRIETOR. I OWE NY SALES TAX. 7-8 K . I WANT 2 GET OUT, BUT I AM HALF OWNER OF A HOUSE. 2 PEOPLE R ON DEED MYSELF AND ANOTHR FAMILY MEMBR. IS THERE ANY WAY 2 AVOID… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I own a condo that is not my primary residence. Considering
I own a condo that is not my primary residence. Considering quick deeding it to my wife or a friend. This person might then sell the condo to my Mom. Could my Mom then qualify for the 8k first-time ho… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My brother financed the house that I owned (lived in, paid
My brother financed the house that I owned (lived in, paid mortgage etc). But this means that he legally owned the house. When we sold the house, he quit claimed the deed over to me. How do I and brot… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
as executor, I sold my 1/2 interest in real estate to the ...
as executor, I sold my 1/2 interest in real estate to the other heir. She has owned property outright for 6 months, and is now selling. Her closing attorney say''s deed & title from our closing are in… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
We have been told that we need to file a quiet title action ...
We have been told that we need to file a quiet title action to a parcel which was "quit claimed" to us by a probate court 3 years ago. As it turns out, the recorded deed holder (been paying taxes sinc… read more
The Guy Behind the Tree
The Guy Behind the Tree
Master's Degree
906 satisfied customers
My wife & I own a residence we have lived in for 28
My wife & I own a residence we have lived in for 28 years. Three years ago we bought a home which our son lives in, along with other college students ( who paid rent). Both properties are homesteaded … read more
Zhicheng Lai
Zhicheng Lai
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