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We bought a house in April of this year. We use this house
We bought a house in April of this year. We use this house as our primary residence, but my wife also operates a business out of the home. We just discovered water coming into the basement, which has … read more
emc011075
emc011075
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Lev, I have a 2 family house. My tenants for 15 years who
Hi Lev, I have a 2 family house. My tenants for 15 years who lived on the 2nd floor moved out and left a big mess. I had to remove around 50 garbage bags of stuff and furniture.I then had to clean and… read more
emc011075
emc011075
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We sold a house for $810k. We bought it in 1973 for $35000,
We sold a house for $810k. We bought it in 1973 for $35000, and we owe a reverse mortgage company $500k. How can I figure out what the capital gains tax will be?… read more
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Lev
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We are selling the house in which we have lived years. What
We are selling the house in which we have lived for 37 years. What home improvements can be used for the "tax basis"?… read more
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Robin D.
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I have a rental property that has been rented out past
I have a rental property that has been rented out for the past 20 years. Last year while the property was not rented a water leak developed which caused considerable mold damage. Rugs, dry wall, baths… read more
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ShawnA
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I own a SFR rental property (currently rented) in which I am
I own a SFR rental property (currently rented) in which I am repairing & renovating certain items this year. Would you advise on the deduction or depreciation for the following items? 1. Re-tiled mast… read more
Lev
Lev
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I am US citize living in Switzerland. I plan to sell my Ski
I am US citize living in Switzerland. I plan to sell my Ski condo I own since 19 yeras in France. The condo has aklways used for personal occupancy. I have record of the purchase price, I bought unfin… read more
Lev
Lev
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Hi there - Below are some considerations I thought of that
Hi there - Below are some considerations I thought of that we can ask. My state income bracket would be the $46K+ which is 9.3% tax rate. What else do you think we need to know? **********************… read more
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Bill
Master's Degree
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I am bookkeeper for Mr. One Call LLC. We are aware that we
I am bookkeeper for Mr. One Call LLC. We are aware that we must charge state tax on labor for repair work, but not new construction. We are unsure what constitutes new construction. Is it new construc… read more
Lev
Lev
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A pipe coming from my hot water heater burst under the slab
A pipe coming from my hot water heater burst under the slab of my house. Hot water was running under the foundation and causing erosion and the basement floor was getting very hot. A plumber re-piped … read more
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Can one claim a loss for money paid to a contractor for work
Can one claim a loss for money paid to a contractor for work that was done in 2010 that had to be redone on rental property in 2011?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Last year I was forced to replace my condos heating system.
Last year I was forced to replace my condo's heating system. It was brought to our attention that our condo complex had Kitec plumbing installed (this was identified by a certified inspector after 3 u… read more
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this fall i upgraded (replaced) my entire heating system with
this fall i upgraded (replaced) my entire heating system with a 95% efficient furnace and ducting. i had 3 estimates on the job, and then i priced all the materials (my brother-in law has a heating an… read more
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December 2006 we purchased a run down house and slowly rehabbed
December 2006 we purchased a run down house and slowly rehabbed ithedules with new siding, floors, kitchen and associated equipment, bathroom and associated equipment, electrical wiring and landscapin… read more
Anne
Anne
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The water pipes bursted in my basement and adjoining bedroom
The water pipes bursted in my basement and adjoining bedroom causing damage to the deilings and walls. I had to replace the pipes and ceilings in both areas, replaced drywall and insulation in bedroom… read more
Wendy Reed
Wendy Reed
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Bought a second house and moved out of the first house which
Bought a second house and moved out of the first house which we lived in for eight years, rented the first house on and off for three years. I am now selling the first house. What is my capital gains … read more
Lev
Lev
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Bachelor's Degree Equivalent
27,814 satisfied customers
This question is for Lev as he is great. Lev, this i
This question is for "Lev" as he is great. Lev, this is regarding the differences between, "repair, maintenance, and improvements" in reference to rental property. On one of my properties, I have had … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
What can be catagorized as a tax deductable capital improvement
What can be catagorized as a tax deductable capital improvement? How does the IRS define a repair vs. a replacement? My husband submitted expenses to his CFO and they are defining them as a repair whe… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,814 satisfied customers
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