Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I am trying to figure out the best IRA account to pull funds
I am trying to figure out the best IRA account to pull funds from to get my dad's house ready to sell. I am concerned that the income tax from the IRAplus the capital gains tax from the sale of the ho… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,104 satisfied customers
Lane, today's question: For the purpose of adjusting the
Hi Lane, today's question: For the purpose of adjusting the basis of the home to determine capital gain, I heard somewhere that not all improvements will count. What I'd like to confirm is which of th… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,524 satisfied customers
How much repair costs for my rental can i deduct, the woman
the woman living in my rental passed away last August and i had to completely remodel the home. i am doing the work myself and still am. last year i spent 28000 on materials but my tax person told me it can not be deducted until i sell it. … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,524 satisfied customers
My client has 27 different rental properties. We record
my client has 27 different rental properties. We record rental income, property taxes, and insurance on each schedule E. We have a separate schedule E which lists management fees and all repairs to th… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,028 satisfied customers
We recently contacted a trusted real estate agent and she
We recently contacted a trusted real estate agent and she came up with a value of our home at $509,000.00. The housing market here on Long Island is in a sellers market place so the value was higher t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
Lev, I have a 2 family house. My tenants for 15 years who
Hi Lev, I have a 2 family house. My tenants for 15 years who lived on the 2nd floor moved out and left a big mess. I had to remove around 50 garbage bags of stuff and furniture.I then had to clean and… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 satisfied customers
I own a home in California that was purchased by my parents
I own a home in California that was purchased by my parents in 1985 for $125,000. They put me on title in 2003 and then took themselves off title in 2015 and put my husband on title. … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 satisfied customers
We are selling the house in which we have lived years. What
We are selling the house in which we have lived for 37 years. What home improvements can be used for the "tax basis"?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
purchased a row home to rent out. Had to fix it up with
purchased a row home to rent out. Had to fix it up with various things like removing carpet and sanding hardwood floor and refinishing the floor, caulking, fix tiles in basement, built a new kitchen c… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My mother passed away in April 2011, then my father passed
My mother passed away in April 2011, then my father passed away in July 2011. Me and my three sisters were left the house equally. The estate was under $1,000,000.00 so no estate tax was due. My siste… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
Hi there - Below are some considerations I thought of that
Hi there - Below are some considerations I thought of that we can ask. My state income bracket would be the $46K+ which is 9.3% tax rate. What else do you think we need to know? **********************… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
Can one claim a loss for money paid to a contractor for work
Can one claim a loss for money paid to a contractor for work that was done in 2010 that had to be redone on rental property in 2011?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
Can I write off the labor paid to someone else to install new
Can I write off the labor paid to someone else to install new carpet and or laminate flooring in my rental? How about the materials themselves? The last renters left the carpets a wreck with pet stain… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
My wife and I are living in our fifth wheel trailer in CA,
My wife and I are living in our fifth wheel trailer in CA, as there's no work near our home in AZ. Our 21 year old daughter lives in our home there rent free. We've had to make substantial repairs to … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Bought a second house and moved out of the first house which
Bought a second house and moved out of the first house which we lived in for eight years, rented the first house on and off for three years. I am now selling the first house. What is my capital gains … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
My rental house required $25,000 in repairs to demolish a termite-infested
My rental house required $25,000 in repairs to demolish a termite-infested room and to rebuilt the room to pre-existing condition. Do I claim the $25,000 as expense against this year's rent or do I de… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
This question is for Lev as he is great. Lev, this i
This question is for "Lev" as he is great. Lev, this is regarding the differences between, "repair, maintenance, and improvements" in reference to rental property. On one of my properties, I have had … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 satisfied customers
What can be catagorized as a tax deductable capital improvement
What can be catagorized as a tax deductable capital improvement? How does the IRS define a repair vs. a replacement? My husband submitted expenses to his CFO and they are defining them as a repair whe… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,464 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.

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

1,338 satisfied customers

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

Richard

Richard

Tax Attorney

4,512 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 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.

< Previous | Next >

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