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Are you familiar with Capital Gain taxes on rental property?
Are you familiar with Capital Gain taxes on rental property? … read more
Lev
Lev
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Lev. I started renting my basement on 9/1/16. I am filling
Hello again, Lev. I started renting my basement on 9/1/16. I am filling out the asset worksheet in TurboTax so they can figure the depreciation. If I answer the questions the way they are posed my adj… read more
Lev
Lev
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Purchase Price $250,000 Improvements $150,000 Resale Price
Purchase Price $250,000 Improvements $150,000Resale Price $600,000 Real Estate Commission $24,0000 Closing cost $36,0001/2 of the house is rented… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
Question on tax treatment of the sale of two homes for my
Question on tax treatment of the sale of two homes for my father in law. Question 1: Home purchased in 2000 paid 80,000. Was primary residence until Dec 2012. Improvements 100,000. Converted to rental… read more
Robin D.
Robin D.
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We used to live in an old house. We built a new home with an
We used to live in an old house. We built a new home with an in-law unit. That was completed in 2015. We moved to the new home the same year. The in-law unit in the new home and the old home were inte… read more
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Tax Question: Primary home (with home office) to Rental to
Tax Question : Primary home (with home office) to Rental to Sale of home Where do I report it on form 4797 and sch d. Also where do i write 121 exclusion… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
I bought a house in 1992 ($200000) that I turned into a
I bought a house in 1992 ($200000) that I turned into a rental in 2007 (the fair market value was $375000). I sold the house in April 2015 for $300000. Just before i converted to the rental, I refinan… read more
Robin D.
Robin D.
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States that my rental property's depreciation starts when
http://www.irs.gov/publications/p946/ch01.html#en_US_2013_publink1000107327 states that my rental property's depreciation starts when it makes income. Also, I can depreciate any capital improvements I… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
My wife recieved a rental condo as a gift from her dad in 2013.
My wife recieved a rental condo as a gift from her dad in 2013. The current tenant has a three year lease and the rental revenue does not exceed the sum of property taxes, maintenance fees and depreci… read more
Lane
Lane
JD, CFP, MBA, CRPS
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I purchased a coop apt in NYC of $85,000 in Jan 2012. Rented
I purchased a coop apt in NYC of $85,000 in Jan 2012. Rented it out for 7 months and want to calculate depreciation in a tax program. It asks: how much I paid depreciation method asset life Does the a… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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My husband and I bought a multifamilly in 1993 for 141,000.
My husband and I bought a multifamilly in 1993 for 141,000. We lived in the smaller unit for 11 years and rented the larger unit. The past 5 years we have lived in the larger unit and rented the small… read more
Anne
Anne
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I own a house and lived in it for a year and a half. I moved
I own a house and lived in it for a year and a half. I moved in 2007, tried to sell it, but didn't want to because i would have lost too much money. So, I decided to rent it for a slight loss. I have … read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
I am doing a 1031 exchange. I bought rental property in 2001
I am doing a 1031 exchange. I bought rental property in 2001 for 90000.00 sold it in 2008 for 390000.00 and turned those procedes around into a rental property that cost us 575000.00. I took 30,000.00… read more
Merlo
Merlo
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558 satisfied customers
Hi, if I live in the United States, but own a home that is
Hi, if I live in the United States, but own a home that is located outside of the United States and I plan to rent it out, what kind of taxes would I have to pay, if any?… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,472 satisfied customers
hi im a first time buyer and i want to sell i know ill pay ...
hi im a first time buyer and i want to sell i know ill pay cap on the house i allso refied 3 times how do i find out how much ill have to pay… read more
RD
RD
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Master's Degree
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property aquired as homestead in 1960 @$10,000.Moved to ...
property aquired as homestead in 1960 @$10,000.Moved to another property 1987 and rented taking same deduction as before renting. House burned and was replaced by insurance in1997.Total replace cost $… read more
RD
RD
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Master's Degree
5,572 satisfied customers
We will sell our house in which we live in one unit ...
We will sell our house in which we live in one unit and rent the second unit. How do we figure out how much we pay in capital gains tax?… read more
RD
RD
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Master's Degree
5,572 satisfied customers
My wife owns a triplex (investment property). We live in 1 ...
My wife owns a triplex (investment property). We live in 1 unit and rent out the other 2. We are going to sell our home and net around 200,000 in profit. How are we taxed on that? 25% of the whole pro… read more
RD
RD
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