I am selling real estate property that i have owned for 20
i am selling real estate property that i have owned for 20 yrs my wife and i file jointly our 2018 income will be under 50,000 im 62 my wife 60 our gain after the sale is 325,000 what capital gains ta… read more
Tax advisor and Enrolled Agent
3,319 satisfied customers
Im semi retired ,sold a rental property Ive had for 3 yrs &
Second opinion] Im semi retired ,sold a rental property Ive had for 3 yrs & have a capital gain about 60K . Im single no dependants & will have about 30 k in 1099 income this year. Will I owe 15% tax … read more
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
2,926 satisfied customers
I sold a investment property in 2016 for a capital gain of
Hi, I sold a investment property in 2016 for a capital gain of 45,000. I have a personal adjustable tax bracket of 7,000. I am trying to calculate the tax i will owe … read more
Bachelor's Degree Equivalent
27,926 satisfied customers
A person wants to do a PARTIAL 1031 exchange. He purchased
A person wants to do a PARTIAL 1031 exchange. He purchased the commercial building for 100k. he depreciated 20k over the years and made no new improvements. He sells for 400k.But only reinvests 150k i… read more
JD, MBA, CFP, CRPS
13,781 satisfied customers
I own several rental properties and sold three in 2015. I
Hi, I own several rental properties and sold three in 2015. I will have a substantial capital gain on the order of $500,000 as a result of these sales (mostly deferred gain since they were all acquire… read more
Certified Public Accountant
2,340 satisfied customers
Hello, I have a tax question. Last year I had an adjusted
Hello, I have a tax question. Last year I had an adjusted gross income of less than $16,000. I suspect 2013 will be similar within a couple thousand dollars. I am selling a rental property and I may n… read more
R. Klein, EA
3,104 satisfied customers
How do I best handle a clients abandoned rental property?
How do I best handle a client's abandoned rental property? I've got a 1099-A stating FMV is larger than debt owed on a recourse property in CA and lender Bank of America has already reconfirmed no 109… read more
425 satisfied customers
Rental Property Tax Ques Hi - I bought my property in 2005
Rental Property Tax Ques: Hi - I bought my property in 2005 at 249K, took the deppreciation for $38,269 and sold the rental 2010 for 200,000. Do i have to pay taxes on the deppreciation even if I had … read more
69 satisfied customers
If I sold a rental property, how the gain will be taxed? I
If I sold a rental property, how the gain will be taxed? I was told that the amount of total appreciations taken during previous years would paying 25% of tax. The remaining gain will be treated as or… read more
558 satisfied customers
I filed for chapter 7 bankruptcy and just got discharged.
I filed for chapter 7 bankruptcy and just got discharged. I am going to return all the rental houses to the banks. The question is, for example, if I purchased one of the house for $100k and my mortga… read more
Master Tax Preparer
2,373 satisfied customers
Hi I just sold a rental property that I owned for 20 years.
Hi I just sold a rental property that I owned for 20 years. I bought the house for 107,000.00. I rented the property for 16 years. I just sold the property for 190,000.00. Can you tell me what kind of… read more
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
we have a single family home which we have lived in for over
we have a single family home which we have lived in for over 30yrs, also on the same lot a 3 family home, 5 garages and a workshop in fall river,mass. we have agreed to sell for 400k. we are a retired… read more
1,663 satisfied customers
in 2007 I sold a rental home that I bought back in 1986 (I ...
in 2007 I sold a rental home that I bought back in 1986 (I never lived in the house). After expenses, the net profit was approximatel $106,000. According to Turbo Tax, I will be paying about $53,000 i… read more
Master Tax Advisor Enrolled Agent
3,197 satisfied customers
In 2005 I bought a rental property for $265,000. I ...
In 2005 I bought a rental property for $265,000. I additionally had $30,000 remodeling expenses. I sold the property in 2007 for $292,000. I had approx $12,500 of depreciation over that time. What is … read more
3,132 satisfied customers
I plan to retire soon. I just sold rental property ...
I plan to retire soon. I just sold rental property for $40,000 . I got an equity loan for $25,000. I had planned to buy another rental and live off the net income. However, a friend of mine who retire… read more
426 satisfied customers
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