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Let me type as it is a bit. I have rental property in which
I have rental property in which 2 of the last five years I rented out 66%. I now want to sell it. How do I avoid Capital Gains without a doing a 1031 exchanges, or how do I calculate capital gains tax? … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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We have a house in our name, that my mother in law gifted to
We have a house in our name, that my mother in law gifted to my wife for $1, in Westfield, NJ. At the time of the transfer, the home value was around $500k. Me and my wife lived there for over 5 years… read more
LEV
LEV
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I have a tax question regarding selling my house and the
I have a tax question regarding selling my house and the taxable earning we'll get after selling it. … read more
LEV
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I had about 3 or 4 questions on real estate, 1031 exchanges
Hi, I had about 3 or 4 questions on real estate , 1031 exchanges and self employed person, myself .... investing in sep ira , etc... am I allowed to ask 3 or 4 questions ? … read more
LEV
LEV
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Aloha from Hawaii. We own and operate an inn. We have
Aloha from Hawaii. We own and operate an inn. We have received an offer to buy us. We are a federal sole proprietorship and an llc in hawaii. We are trying to understand how to get in the best tax pos… read more
Mark Taylor
Mark Taylor
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You are correct on your assumptions, but you lost me at the
You are correct on your assumptions, but you lost me at the end. Let's assume that the only asset is the cash and the only liability is the prepaid tuition and the sales price is $600,000. In Case A t… read more
keeperumiami
keeperumiami
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Does homeowner have any sort of writeoff, whether ordinary
Does homeowner have any sort of writeoff, whether ordinary income or cap gains for it's $1.2m cost? Homeowner buys home for $1.2 million in cash (as primary residence) and borrows $600K against it for… read more
Robin D.
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re: 1031 exchange. $800k sales price $260 loans. $600K tax
re: 1031 exchange. $800k sales price $260 loans. $600K tax basis. $200K Long cap gains. Taxable income $25000. Live in CA. married joint. I could do a construction 1031 exchange for $450,000 total pur… read more
LEV
LEV
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I am active duty military. I bought my house in 2002 and sold
I am active duty military. I bought my house in 2002 and sold 2012. I am excluding $200K on the 2/10 year applicable to military. I had $75K in depreciation. How do I report this on my TurboTax? I kno… read more
fastfile
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My wife and I are considering selling our house and using the
My wife and I are considering selling our house and using the gains to purchase a house for her in MN and a condo for me in Chicago - will we have to pay capital gains taxes when we sell our house in … read more
Dave CPA
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we live in Nebr. and want to sell ag land and buy a house in
we live in Nebr. and want to sell ag land and buy a house in az what kind of taxes will we have and can we roll some of the money in to the house… read more
RD
RD
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Master's Degree
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About 1 year ago I purchased a mobile home for my Mother to
About 1 year ago I purchased a mobile home for my Mother to live in in a senior park. I payed $75K for it cash before I could move my Mother into it she passed away so I put it up for sale and had to … read more
LEV
LEV
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In the 10% and 15% brackets, the current tax rate for long-term
"In the 10% and 15% brackets, the current tax rate for long-term capital gains is 5%. That's pretty attractive, but it can't match the 0% rate in effect from 2008 to 2010. This year, taxable income up… read more
LEV
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My husband and I lived in his parents rental property for ...
My husband and I lived in his parents rental property for 26 years. They also owned the home next door which has been their primary residence for 53 years. Due to their age and declining health, they … read more
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Zhicheng Lai
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I live in NY. I am building a house in 2 months. My ...
I live in NY. I am building a house in 2 months. My question is.. can i sell this house right after building it and not have to pay capital gains if using the money for another house, or do you have t… read more
R. Greg Paszkiewicz
R. Greg Paszkiewicz
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my husband and i bought a house in february and refinanced
My husband and I bought a house in February 2004 and refinanced in July of 2005, if we put our house on the market in March of this year and sell, do we owe on capital gains tax?… read more
R. Greg Paszkiewicz
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I have an S-Corp. I purchase a commercial structure with a ...
I have an S-Corp. I purchase a commercial structure with a store-front which has extra space on a second floor. The second-floor is open and could be used for renting, either as office space or living… read more
Paul Taliefero
Paul Taliefero
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Bachelor Degree
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I need to relocate from AZ to ID and need to do a 1031
I need to relocate from AZ to ID and need to do a 1031 exchange on my personal residence. I run a business out of my house and am relocating because of my business. is it possible to do a 100% 1031 ex… read more
Mr Tax Tips
Mr Tax Tips
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