Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I'm about to sell my investment home and receive about 300k
I'm about to sell my investment home and receive about 300k in capital gains..can I take that 300k and pay off existing loan on another investment property and avoid capital gains tax under 1031? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,372 satisfied customers
Question for Chad, EA: if a person is selling a rental
Question for Chad, EA: if a person is selling a rental property and doing a 1031 exchange, is it better they pay off the mortgage before the closing as to avoid boot. They will have to pay capital gai… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,902 satisfied customers
If you sell an investment property can you re-invest the
If you sell an investment property can you re-invest the funds without paying tax? Like roll it over into another type of investment?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
We are selling our rental home in matthews, nc. We lived
we are selling our rental home in matthews, nc. We lived there for 5 years and rented out for the last 8 years. We bought it for $218k and owe a mortgage of 114K. We put 30K into the house to get read… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,902 satisfied customers
I recently sold a property and did a 1031 exchange and purchased
I recently sold a property and did a 1031 exchange and purchased another property. We had some major business changes and we are needing to sell the property that we just purchased. I spoke with a 103… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I need help calculating my term capital gain tax from a 1031
I need help calculating my long term capital gain tax from a 1031 exchange. I sold a property with and adjusted basis of 150,000 with a 80,000 loan for 300,000. Cost of sale was 25,000.( commissions e… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,902 satisfied customers
I would like to purchase 1031 exchange. But need to
I would like to purchase for a 1031 exchange. But need to understand what's feasible. I'm selling a property (relinquish property) for about $310K and would like to purchase another one for $320K. My … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Can I relinquish a 1031 property and pay off its mortgage,
Can I relinquish a 1031 property and pay off its mortgage, then put the remainder of the proceeds into a replacement 1031 property, as long as I never have access to any cash?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
If $100K is used to buy a $400K property via 1031 exchange,
If $100K is used to buy a $400K property via 1031 exchange, and the value of the property has remained at $400K, with about $300K left on the mortgage, then what would the taxes be (generally speaking… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I own a commercial property that was formerly our real estate
I own a commercial property that was formerly our real estate office. We moved to a larger location where we rent. In the interim, a buyer has come forward who would like to purchase our commercial pr… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,070 satisfied customers
I have a house in Idaho that I have rented for the past 20
I have a house in Idaho that I have rented for the past 20 years. I bought the house for $20K. This year I take the last of $20K of depreciation. I also have an offer to sell the house for $60K. The s… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
iF i WISH TO SELL MY BUILDING LOT IN FLORIDA AND BUY ANOTHER
iF i WISH TO SELL MY BUILDING LOT IN FLORIDA AND BUY ANOTHER MORE EXPENSIVE PROPERTY THAT i WILL KEEP AND NOT RENT OUT, DO I HAVE TO PAY CAPITAL GAINS ON THE LOT I SELL OR DO I HAVE SOME TYPE OF DEFER… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Just sold my home in the UK, which wasnt deemed as my primary
Just sold my home in the UK, which wasnt deemed as my primary residence here in the US. I havent lived there for 3 of last 5 years. Therefore I have to pay capital gains on the profit. If I reinvest t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have a home that I have converted to commercial ...
I have a home that I have converted to commercial property. The original loan is a standard non-commercial loan. I am interested in taking out a home equity loan for use outside of the property. I'm t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
My wife and I plus another married couple jointly own a 4 ...
My wife and I plus another married couple jointly own a 4 apartment rental unit in NJ. It is deeded to the 4 of us and is not in a partnership, corporation, or LLC. My wife and I would like to cash ou… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
DEAR SIR.I HAD PURCHASED A PROPERTY FOR 160000. 2 YRS
DEAR SIR. I HAD PURCHASED A PROPERTY FOR 160000. 2 YRS BACK & SOLD IT FOR 240000.I HAVE A MORTGAGE BALANCE OF 120000.IN THIS PROPERTY. I ALSO HAVE AN EXISTING MORTGAGE BALANCE IN A PROPERTY I LIVE IN … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
We are selling one of our properties, a rental house.
We are selling one of our properties, a rental house. Can we not pay capital gains if we pay the $ on another mortgage that we rent out.? It is another rental property. Otherwise we have 180 days ,is … read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
when you sell a property. How do you not pay capital gains ...
when you sell a property. How do you not pay capital gains taxes? Without buying another property right away. Like a 1099 exchange. Can you use Trusts?… read more
Jon Andrews
Jon Andrews
CPA
1,498 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