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Are you able to answer any tax question? So I purchased a
Ok so I purchased a piece of land. for 1 million in 2004 with 2 other partners in a LLC. In 2016 1 partner and I bought out the 3rd at a loss for 400k. Then in 2018 we sold it at another loss for 350k to a party never involved. My CPA is saying I can't take any of the losses from the original purchase amount. is this correct? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
My 2008 personal 1040 tax return was filed February 4, 2010.
My 2008 personal 1040 tax return was filed February 4, 2010. I earned $5692.00 total that year in income. I forgot to claim a loss in 2007 of $150,000. I lost $150,000 preconstruction deposit on a hom… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
The question to ask is: My 2008 personal 1040 tax return was
The question to ask is: My 2008 personal 1040 tax return was filed February 4, 2010. I earned $5692.00 total that year in income. I forgot to claim a loss in 2007 of $150,000. I lost $150,000 preconst… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I bought land property for $ 360,000 as an investment two years
I bought land property for $ 360,000 as an investment two years ago in Cape Coral, Florida. Due to the economic crisis, the property was assesed at $ 35,000 in November so I sold it at that price to g… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,640 satisfied customers
I bought a lot(land) in nov. of 2006 for $120,000 and sold
I bought a lot(land) in nov. of 2006 for $120,000 and sold it in Sept. of 2011 for $85,000. what is the tax treatment of $35,000 difference… read more
Dave CPA
Dave CPA
Master's Degree
69 satisfied customers
I bougth a property with two other partners in 2004 and I sold
I bougth a property with two other partners in 2004 and I sold my portion on 2010 for the same amount as we bought it in 2004, do I have any capital gain. Bought it for 725K 25% is my part and sell th… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,165 satisfied customers
bought a land for 90k in 2000 sold it for 120k in 2006 capital
bought a land for 90k in 2000 sold it for 120k in 2006 capital gain 30k but paid about 23.6 k for loan interest should the gain be reduced to 30 k - 23.4 k… read more
Bizhelp
Bizhelp
Certified Public Accountant (CPA)
Bachelor's Degree
638 satisfied customers
I completed a purchase of land in 2004. I sold a home in Colorado
I completed a purchase of land in 2004. I sold a home in Colorado and bought this land using a 1031 exchange. Do I need to hold the land any period of time before selling it? Do I use the land sales p… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Ive had a mutual fund for years than sold it 4/27/09 for
I've had a mutual fund for years than sold it 4/27/09 for a loss. I bought it right back on 4/27/09 than sold that on 5/29/09. Now I find out it is a wash sale = I knew nothing about wash sales prior.… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
A small portion of the 1/2 acre lot that my home is on was
A small portion of the 1/2 acre lot that my home is on was purchased by the State of Montana for a road right-of-way. I have seen a few vague references that indicate that instead of a) paying taxes o… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Is there any way I can deduct (against ordinary income) interest
Is there any way I can deduct (against ordinary income) interest expense for a loan on investment property? I bought raw land in 2005 and improved it into 4 residential lots. 1 lot sold in 2007 for a … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can I deduct investment property interest expense (and on what
Can I deduct investment property interest expense (and on what form) relative to raw land that I improved into residential lots and never have sold? I am carrying a note on the land and am paying $20k… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Ken owns an 80% interest in a partnership. On 7/1/2004 Ken
Ken owns an 80% interest in a partnership. On 7/1/2004 Ken bought surplus land from the partnership at the land's FMV of $30,000. The partnership's basis in the land was $36,000. For the year ended 12… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I have a partnership that purchased 240 acres of land with ...
I have a partnership that purchased 240 acres of land with timber in 2004 and planned to sell this asap. I sold the timber at the cost basis this year and and sold 40 acres of the land this year. Do I… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Recently I sold an antique for 12,000 that I had bought for ...
Recently I sold an antique for 12,000 that I had bought for my personal use in 2004 at a cost of 15,000. In my 2007 tax return, can I treat the sale of the antqiue as a transaction resulting in long-t… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I know there is a rule against writing off a stock loss if ...
I know there is a rule against writing off a stock loss in an IRA (closed the IRA account in 2006) if you turned the stock around within a certain amount of time. If you bought and sold stock several … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I bought a time share in mexico for $ 15,000 in 2001. Sold ...
I bought a time share in mexico for $ 15,000 in 2001. Sold it in 2005 for $10,000. Went down myself each year for the time sharing week. I did not rent. Can I deduct any of this loss in year of sale. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do I claim a loss for our business (land purchasing and reselling)
We currently have multiple home businesses (sole proprietor). Two of the new ones include: 1) building spec homes and 2) purchasing vacant lots and reselling them. If we either build a spec house in 2… read more
Jon Andrews
Jon Andrews
CPA
2,926 satisfied customers
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