Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
I have been investing in domain names. I register some and
I have been investing in domain names. I register some and buy some others from other investors. I then place them for sale and wait for someone to buy them. I have read that this can be considered li… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
An investment property is sold in 2018. It was painted in
An investment property is sold in 2018. It was painted in 2002 & the amount paid was not deducted nor added to the property's basis. Can this amount be added to its cost basis upon its sale in 2018?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,104 satisfied customers
I live in Louisiana. I sold primary residence in California
I live in Louisiana. I sold primary residence in California with net capital gain $303,000. Purchased a home in Louisiana for $195,000 with 110,000 renovation expenses. It is now primary residence. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
We inherited a row house in dreadful shape in Georgia
We inherited a row house in dreadful shape in Georgia (former USSR). We plan to use it as a vacation home (not rental at least yet). Can we write off expenses for travel and per diem while settling th… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,028 satisfied customers
I just bought a new house last year and spent over 30k in
I just bought a new house last year and spent over 30k in upgrades and 80K on construction work however I paid cash. I also own another home which I rented out for the year. How do you think my taxes … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,995 satisfied customers
Clarify me the below about rental income from foreign
Please clarify me the below about rental income from foreign located house property of a person of indian origin who is now a US Citizen or Resident and is liable to report his/her global income in US… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,104 satisfied customers
We purchased a house in 2013 and are selling it now (2017).
We purchased a house in 2013 and are selling it now (2017). As a result of a home inspection, we discovered the need for foundation repairs. The house passed inspection in 2013. Can I claim the founda… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
I bought a house in 2010 in Maine. We completely renovated
I bought a house in 2010 in Maine. We completely renovated the house over a 4 year period and we sold it last year (2016). I have all of the investment costs, work done and labor. Can this be added to… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I am classified as a real estate dealer. What costs can I
I am classified as a real estate dealer. What costs can I include in COGS when I sell real estate and what costs can I expense? For example, If I originally purchased a property for $10K and spent $5k… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,995 satisfied customers
I appreciate your help. I have question on my prior inquiry
Hi Stephen,I appreciate your help. I have a follow up question on my prior inquiry about selling a house in a trust that was occupied by a family member.Last question we determined that we cant claim … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
12,104 satisfied customers
In August 2016 I sold a second home that I bought in 2012
In August 2016 I sold a second home that I bought in 2012 for $25,000. I spent winter months there. I did costly updates, repairs and renovations to the home. Selling price was $58,900, closing costs … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
I purchased a property to rehab and sell. Do i categorize
I purchased a property to rehab and sell. Do i categorize my material and labor receipts under a regular expense account or under cost of good sold?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Hello I have a residential renovation type LLC. The company
Hello I have a residential renovation type LLC. The company is about 5 months old. There are two members in it and so far we spent about $35000 for labor and material. No income was generated for 2010… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
I built a multi-million dollar house as an investment over
I built a multi-million dollar house as an investment over the past 10 years in a high end resort community. I never lived in the house (nor was it rented). I just sold it and I am putting my receipts… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
We purchased another home in late 2008. We subsequently moved
We purchased another home in late 2008. We subsequently moved to the new property. After moving, we spent time and money updating the old property with the intent to lease it or sale it. We lived in t… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I purchased an old home in NY in 2007, renovated it and put ...
I purchased an old home in NY in 2007, renovated it and put it on the market to sell. It do NOT sell in 2007. I have my primary home in Idaho. I have ended up staying in the NY old home most of the ti… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I acquire a house recently via a quitclaim deed and sold it ...
I acquire a house recently via a quitclaim deed and sold it several months later. How does the IRS expect this to be filed? Are there capital gains to be reported since there never really was a "purch… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
How do you figure capital gains Is it the purchase price ...
How do you figure capital gains? Is it the purchase price less selling price minus expensives? Or your net profit, minus expensives, from the sale of the property?… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 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