Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
What is tax liability, selling residential real estate for
Second opinion] What is tax liability, selling residential real estate for 720,000, sales proceeds 43,000 (after title, escrow, commissions and $244,000 loan pay-off. Estimated recapture depreciation … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
Do I pay a higher amount of recapture taxes on the sale of a
Do I pay a higher amount of recapture taxes on the sale of a rental property if the property has been improved? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
In January. my wife sold her half interest in a condo. We
In January. my wife sold her half interest in a condo. We file jointly, and will owe Fed and state tax on the proceeds. We have already submitted our 2016 return and have a schedule for payment of est… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
In a 1031 exchange where the buyer of the new property pays
In a 1031 exchange where the buyer of the new property pays boot. The basis in the new property is the basis of the old plus boot...correct? We have the gain on the sale as a deferral which also adjus… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
We are selling our condo in west hollywood ca. Escrow closes
We are selling our condo in west hollywood ca. Escrow closes tomorrow. We have been renting it since December 2010 due to size restraints and growth of our family. We started renting it just to cover … read more
Tax.appeal.168
Tax.appeal.168
Principal
5,024 satisfied customers
My daughter and son in law bought a condo as their pirmary
My daughter and son in law bought a condo as their pirmary residine in the Seattle area in 2006 and with a mortgagge of $180,000 on it. They moved from to Denver in 2007 and have rented the property t… read more
Jacy
Jacy
Bachelor's Degree
567 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
I sold my condo in MD. ,in June of 2008. I purchased the unit
I sold my condo in MD. ,in June of 2008. I purchased the unit in 2001 for $175,000 , It sold for $399,500 . I owed $365,000 on the mortage , after sales commissions , I ended up pocketing a few thousa… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
I constructed a commercial whse building in 1967. It was used
I constructed a commercial whse building in 1967. It was used as an office and storage whse for household goods. The building is now going to be sold for $375,000. The building is now depreciated out.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
how do you figure capital gains tax on sale of rental ...
how do you figure capital gains tax on sale of rental property. i sold a condo in 2004 for 114,000. it was purchased in 2000 for 68,800. my settlement was was for 90,000 after sales commission, 7%, im… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
I sold my vacation condo in Florida and made a ...
I sold my vacation condo in Florida and made a profit. Can I deduct improvement costs and condo fees and hurricane assessments when filing my capital gains form?… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
My Father passed away in 2002. My mother is still alive ...
My Father passed away in 2002. My mother is still alive and now is the sole owner of a 24 unit building. In 1991 they sold a 20 unit and bought the 24 unit in order not to pay the capital gains tax. S… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
Allowable to deduct passive activity loss from capit gains
My question concerns the calcualtion of Capital Gains Tax for the sale of a rental property. May I deduct any (and all) prior year losses that I was not able to take from Schdule E, Form 1040 because … read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I sold my 1/6 share of a condo in a Mountain resort ...
I sold my 1/6 share of a condo in a Mountain resort town. Do I have to pay Capital gains on the sale?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I bought a condo 5 years ago for $250,000, I lived in
I bought a condo 5 years ago for $250,000, I lived in it until 1 year ago, then rented it out. I am selling it for $520,000, how much will I be taxed on it? I am single and my tax bracket is 25%… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 satisfied customers
We sold a condo and received a check for 107,000.00. I
We sold a condo and received a check for 107,000.00. I waas toild by my bank investment rep that I would have to pay 20% capital gains taxis this true? And how can I not have to pay it. Thanks… read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 satisfied customers
I have owned a condo for 12 years. The purchase price ...
I have owned a condo for 12 years. The purchase price was $56,000. It was my primary residence for the first 7 years. I have used it as rental property for the past 5 years. It had a Fair Mkt value of… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,930 satisfied customers
I purchased a condo in Hawaii in 1978 for $130,000 and ...
I purchased a condo in Hawaii in 1978 for $130,000 and am now selling it for $500,000. What would my capital gains tax be? It has been in a rental pool since I bought it.… 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

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