Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
Installment Sale vs Mortgage Taxpayer owns a piece of real
Installment Sale vs Mortgage Taxpayer owns a piece of real estate and plans to sell to a non-related individual. Taxpayer will hold the note on the sale. Does that automatically make it an installment… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,058 satisfied customers
Installment Sales / Rent to own A taxpayer has several
Installment Sales / Rent to own A taxpayer has several rental properties. 1. A couple properties are listed on their tax return as an installment sale and are being handled properly, recording interes… read more
Tax.appeal.168
Tax.appeal.168
Principal
8,682 satisfied customers
1031 Exchanges - A taxpayer (non-married Partnership) is
1031 Exchanges -A taxpayer (non-married Partnership) is purchasing residential real estate. They will most likely do some upgrades and then sell the property. Never renting or living in it. Will they … read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,144 satisfied customers
Equipment Leasing Company - I have a company who purchases
Equipment Leasing Company -I have a company who purchases heavy equipment - dozers, back hoes, etc. He rents them out. Occasionally, he will sells them, sometimes out right but usually on a rent to ow… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
What are tax implications, and how reported in 1065 and 1040
What are tax implications, and how reported in 1065 and 1040 filings? 4 members (individuals) own a multi-member LLC at 25% each; LLC holds rental real estate, purchased in the 2011/2012 time frame; 1… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
If I section 1031 exchange a piece of rental real estate
If I section 1031 exchange a piece of rental real estate for another piece of real estate can I gift a portion of the new property to my son without triggering capital gains tax? How about instead of … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,108 satisfied customers
Yes I have a property in an llc name that I had a real estate lawyer deed into the llc fro
Yes I have a property in an llc name that I had a real estate lawyer deed into the llc from me personally in 2012. I have elected for the llc to be taxed as a corporation for 2014. The llc sold the pr… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
What do I have to do on my personal tax return if I sold my
What do I have to do on my personal tax return if I sold my 2nd home (which had been rental property) bond for deed? I still hold a mortgage on the home.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
Does the IRS impute income where Taxpayer:(1) buys land
Does the IRS impute income where Taxpayer: (1) buys land for $45,000, holds land for 10 years, then sells land for $2,700,000 in a no-money-down deal, taking back a $2.7 million purchase money mortgag… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
Cannot figure out how to complete 4797 & whether I can utilize
Cannot figure out how to complete 4797 & whether I can utilize the installment plan (Form 6252). Condo purchased for $124,534 in 1989. Converted to rental property in 1994. Basis $123,000 for deprecia… read more
geedubya55
geedubya55
Owner
Bachelor
266 satisfied customers
I have a second home I rent out. My current renter would like
I have a second home I rent out. My current renter would like to buy the house. It would be seller financing. Currently, I claim his monthly payments on my taxes to offest my mortgage interest I pay. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
Hi if I have owned a piece of real estate no rental no buildings
Hi if I have owned a piece of real estate no rental no buildings on it and want to sell it would I pay capital gains on the whole balance if I take financing on it. For example the buyer wants to pay … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
We have just sold a piece of property in Branson ...
We have just sold a piece of property in Branson Missouri. We have made some profit on the sale and don't know how to figure the Capital Gains Tax.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
Can residential real property be a like exchange on taxes
selling and buying houses, can you take the monies made from selling the house and put it to the new house as a like exchange in taxes… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I have a rental house I am going to sell that I have been ...
I have a rental house I am going to sell that I have been depreciating for the 18 years I have owned it. If I sell it and can reap a gain of $100K, what are my options to defer all or part? Also I hea… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
If I sell my apartments, how can I aovid paying capital gain
I own 5 apartments, of which I reside in one of them. I want to sell them and retire. What are my options?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
We are transferring partial interest (60%) in a residential ...
We are transferring partial interest (60%) in a residential property (PUD) from our older son to ourselves, and we are transferring our partial interest (40%) to our younger son. Does our 40% grant de… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,494 satisfied customers
I am looking to purchase a home from an old family friend.
I am looking to purchase a home from an old family friend. he has been renting the house for ten years and is hesitant to sell as the purchase price was 60,000 in 1977 and about 800,00 now. He does no… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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

18,806 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