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I just sold a rental house this year- how all capital gains
i just sold a rental house this year- how all capital gains affect my tax bracket . what is the best way to funnel it to some other investments in order to reduce taxation ? i withdraw some money from… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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Do I have to pay capital gains, on the depreciation, of my
Do I have to pay capital gains, on the depreciation, of my rental property? Backstory: my husband is Active Duty military. We have rented the house since 2010. We sold the house last year, 2017. Now o… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I live in Pa and just sold a property. My son and his family
I live in Pa and just sold a property. My son and his family lived there for almost 20 years. I bought the house for $50,000. back then. It was a fixer upper. I sold it for $105.00. I need to know if … read more
Stephen G.
Stephen G.
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Real estate I HAVE A PROPERTY-2ND MORTGAGE BY A BANK..FOR
real estate I HAVE A PROPERTY-2ND MORTGAGE BY A BANK..FOR 43,000. ROPERTY WAS A RENTAL BUT NO INCOME GENERATED. I OWE THE BANK 43,000. THEY WANT TO SETTLE FOR 17K..REMAINING WOULD COUNT AS FORGIVEN DE… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
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Lev, I have follow up questions regarding this buy-out by my
Hi Lev, I have follow up questions regarding this buy-out by my brother of us other beneficiaries. I have to see when we get together for the signing next Monday if form 1041 and K1 statements will ap… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
If i sell a second home that is held in a trust along with
If i sell a second home that is held in a trust along with primary residence , and put the proceeds into the trust then live off those proceeds over 2 years ..is the gain on the sale taxable right awa… read more
Richard
Richard
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Doctoral Degree
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The gift of partnership interest that I made to the other partners.
The gift of partnership interest that I made to the other partners. I thought I understood that I am supposed to allocate income/loss to partners based on their percentage ownership prior to the gift,… read more
USTaxAdvising
USTaxAdvising
Partner
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Taxpayer sells buisness to an LLC. Taxpayer owns 50% of LLC.
Taxpayer sells buisness to an LLC. Taxpayer owns 50% of LLC. Txpayer pays capital gain tax on proceeds of sale. What is cost basis for taxpayer in LLC?… read more
R. Klein, EA
R. Klein, EA
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Master's Degree
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My mother formed an irrevocable Famity Trust when my father
My mother formed an irrevocable Famity Trust when my father died in 2005. My mother died in February 2010. The Family Trust names my oldest sis who lives in Oregon, my middle sis and me who live in Ca… read more
jgordosea
jgordosea
Enrolled Agent
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I need to file a 1041 for 2010 and 2009 as a result of my wifes
I need to file a 1041 for 2010 and 2009 as a result of my wife's death and the creation of an irrevocable trust b. I separated our assets into trust A and B shortly after her death in 2009 I have requ… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
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I know if I make a profit on a house that is foreclosed on,
I know if I make a profit on a house that is foreclosed on, I would have to pay capital gains, but it would be sold by the bank at a sheriffs sale and I would not recieve any of the funds, no matter w… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I have a rental property being sold at $800K - after ...
I have a rental property being sold at $800K - after expenses and First Mtge, I shud net $725K. Purchase price was $340K and depreciation taken is $26K. My expected taxable income in 2008 might be $75… read more
Mark D
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Master's Degree
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I bought a second house in 1999 for 75,000 in the same town
I bought a second house in 1999 for 75,000 in the same town that I live in.My in laws live in it and pay rent which is less than the mortgage.I don't make anything,but my wife's parents are close and … read more
Merlo
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I have an investment property that I need to sell in order ...
I have an investment property that I need to sell in order to purchase a new home. I am going through a divorce and moving my primary residence to this new home. The new home will need to be significa… read more
Wendy Reed
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Master Tax Advisor Enrolled Agent
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My wife and her two brothers inherited propeerty in 1981 ...
My wife and her two brothers inherited propeerty in 1981 which they used as vacation property off and on until 1992 when they formed a Trust with the purpose of renting the property out as income prop… read more
jgordosea
jgordosea
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Bachelor's Degree
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I am a member of a trust fund that is being held for ...
I am a member of a trust fund that is being held for liability issues by a plaintiff. There are proceeds from the sale of property where no money will be disstributed. Will the members of the trust ha… read more
WebTaxMan
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My father is deceased. His house is in the process of ...
My father is deceased. His house is in the process of being sold. My net share of the proceeds will be in the neighborhood of $12,000. What should I be prepared to hold back for inheritance tax? Can t… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
I am asking this regarding a secondary house that was ...
I am asking this regarding a secondary house that was sold in 2006. It was initially bought for $69,000.00 and sold for $230,000. This house was not my primary residence. How is the capital gains figu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
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