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Regarding depreciation recapture. My understanding is that
Regarding depreciation recapture. My understanding is that it is all recaptured upon sale of the property if a gain is realized. So if someone is in the 0% tax bracket while renting out the property a… read more
LEV
LEV
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This is in regards to trading in or selling a business
This is in regards ***** ***** in or selling a business vehicle for a single member LLC taxed as an S-Corp. Wondering what would be most tax beneficial. Scenario: 2011 SUV fully depreciated using Sec … read more
taxmanrog
taxmanrog
Master's Degree
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I have lived in my home for 12 years. If I move out and rent
I have lived in my home for 12 years. If I move out and rent for 2 years, will I be able to sell it without tax ramifications? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm going to sell my townhouse soon I'm just wondering how
Hi Richard I'm going to sell my townhouse soon I'm just wondering how much capital gains tax I will have to pay on 490000… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I became resident of the USA not time ago, I have rental
Hi, I became resident of the USA not long time ago, I have rental properties overseas and have couple of questions regarding US taxes, could you help me with that? … read more
LEV
LEV
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Bachelor's Degree
14,896 satisfied customers
Our family Trust sold a commercial building in 2016. What is
Hello. Our family Trust sold a commercial building in 2016. What is the tax rate applied to the capital gain ? (gain is 100,000 approx.). Mark W. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,767 satisfied customers
I sold a rental investment property at an adjusted net
I sold a rental investment property at an adjusted net profit of $126,000. My accountant and I agree on that. We disagree on the tax rate. I have household income of about $50,000. I think it should b… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I bought a condo in May 2010 for $180,000 & lived in it until
I bought a condo in May 2010 for $180,000 & lived in it until Oct. 2012. Then i rented it out from Jan. 2013- Jan. 2015. The condo was underwater when I moved, but now worth about $209,000. I claimed … read more
LEV
LEV
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Bachelor's Degree
14,896 satisfied customers
, I have a vacation home purchased in 2009 that I have rented
, I have a vacation home purchased in 2009 that I have rented rentals during the summer. I have limited my personal use to less than 14 days. I am about take take a job with a substantial income incre… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm a retired Central Michigan University Professor, 82 years
I'm a retired Central Michigan University Professor, 82 years old, single, female, now living with a friend in California. I have a small home valued at $100,000. +/- in Mt. Pleasant which is now rent… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a legitimate office in my home. I have taken about $20,000
I have a legitimate office in my home. I have taken about $20,000 in depreciation over approx 10 years. I want to sell my house. If I sell the house do I owe taxes on this transaction? If I buy anothe… read more
LEV
LEV
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Bachelor's Degree
14,896 satisfied customers
Hello Robin. What is your take on this? I own a rental
Hello Robin. What is your take on this? I own a rental property. What if I buy a fridge for example for $1,000 (money on which I paid taxes already) and it's fully depreciated after 5 yrs. So, I use t… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
hello, here is a question: what kind of depreciation is
hello, here is a question: what kind of depreciation is recaptured in case of rental real estate when it is sold at a profit? I understand the basis is purchase price plus repairs. Technically, all th… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I am confused about depreciation on rental property. My detail
I am confused about depreciation on rental property. My detail listing totals say: Cost 125,323 depreciation basis: 122,591 Current Depreciation: 4,607 Accumulated Depreciation: 47,838 Prior Expense: … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This question pertains to another rental property that is owned
This question pertains to another rental property that is owned tenancy by the entireties with my spouse. We purchased this investment property in cash ($220,000) seven years ago. This condo property … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This is a pretty complex tax question 1. I sold a rental
This is a pretty complex tax question 1. I sold a rental property and after paying off the mortgage my profit was $32,000. When doing my income taxes would that amount be added to my income or would i… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have two 2-bedroom garden condos that are worth about $250,000
I have two 2-bedroom garden condos that are worth about $250,000 each. I bought them as investments 20+ years ago. Today they each have a zero cost base so I have a large capital gain in each one. I s… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
in 2007 I sold a rental home that I bought back in 1986 (I ...
in 2007 I sold a rental home that I bought back in 1986 (I never lived in the house). After expenses, the net profit was approximatel $106,000. According to Turbo Tax, I will be paying about $53,000 i… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
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