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Our house is in a trust. It was purchased in 1989 for $400K
Our house is in a trust. It was purchased in 1989 for $400K and has been our primary residence in Yorba Linda California. It has never been rented. We want to sell it and downsize. The realtor tells u… read more
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I'm married in calif. combined make approximately 175,000 a year. if I sell my house that we bought 23 years ago for 139,000 and sell for under 500,000, do we pay Capital. gains?… read more
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My elderly mother sold her house and since all her children
my elderly mother sold her house and since all her children were on the deed, we all get a substantial payout. We will get a 1099 for this year. How will this affect my taxes? Do I need to save out a … read more
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A couple of years ago I asked you a question about my
A couple of years ago I asked you a question about my mother's federal tax liability regarding the sale of her home in California in 2011. I believe that case has been resolved. However, just a few mi… read more
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I am a full time resident of Michigan. I bought a second
I am a full time resident of Michigan. I bought a second home in California five years ago. I spent virtually no time there (no two years , not even two weeks). Took no depreciation or deductions othe… read more
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I have a lengthy tax question. In 1998, my mother in law gifted
I have a lengthy tax question. In 1998, my mother in law gifted her 7 kids her farmland. We were sent a 709 form from my brother in law last year stating the value of the land for each child (donor's … read more
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if profit after sale and deductions is 400,00. and we purchase
if profit after sale and deductions is 400,00. and we purchase home for 400,000 in same year, do we owe any capital gain tax?… read more
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My wife and I bought a house 12 years ago for $295,000. We
My wife and I bought a house 12 years ago for $295,000. We hope to sell it soon for about $820,000 and buy a house in another area for about $400,000. Will we have to pay any capital gains tax on the … read more
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California capital gains tax 2010 on sale of main residence owned and lived in over 5 years by couple with no income ?… read more
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we have a single family home which we have lived in for over
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We are selling our residence bought in 1974 for about 800k
We are selling our residence bought in 1974 for about 800k and expect that the cap gains would be about 250k We plan to move to a non-profit continued living retirement home at a fee of 820k which is … read more
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My wife and I are married and live in California. We have
My wife and I are married and live in California. We have a second home(vacation home, investment home), that we are going to need to sell in this down market because of financial hardships. This home… read more
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In 2003, I divorced my ex husband and bought out his interest in our home located in California. At that time the home was reappraised for $425K. I moved out of state and rented the home to my ex husb… read more
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What are the federal Capital Gains tax for a widowed wife who
What are the federal Capital Gains tax for a widowed wife who now only receives Social Security Survivors Benefits? My huband & I purchased our home for 250,000 to his mom but she only wrote on the de… read more
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what is the tax for capitol gains on your primary ...
what is the tax for capitol gains on your primary residence when sold in California?? Federal & state?… read more
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I am in the highest tax bracket. I am selling a 4-plex in ...
I am in the highest tax bracket. I am selling a 4-plex in California that I purchased over a year ago for $160,000 and will sell for $400,000. After expenses, etc, I will net approximately $200,000 fr… read more
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I was widowed in 2004. This year, I will be selling the ...
I was widowed in 2004. This year, I will be selling the home my husband and I shared for 38 years. We bought the house for $25,000 in 1967. It was refinanced for $225,000 in 2003. I now owe $192,000 o… read more
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