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This year i have sold a house and im about to sell a
This year i have sold a house and im about to sell a business rental property. I have never sold real estate before now im concerned about the tax i will have to pay next year. is there any suggestion… read more
Mark Taylor
Mark Taylor
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Masters
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I am completely confused and depending on how I mess around
I am completely confused and depending on how I mess around with the numbers it creates a huge swing from refund to owing. Bought a condo in 2006...paid $133,500. By 2011, I had to rent it out because… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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We bought our home in 1987 and lived in it until 2010 when
Hello. We bought our home in 1987 and lived in it until 2010 when we bought our present home. When we left our first home we rented it way under market value to our son. The house was considered renta… read more
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Mark Taylor
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My daughter was losing her house 5 years ago. We bought it
my daughter was losing her house 5 years ago. We bought it back at foreclosure sale and financed it back to her (basically let her make the payments to the bank each month but the loan was in our name… read more
Megan C
Megan C
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On 5/1/2003 Our oldest son, along with my wife and myself as
On 5/1/2003 Our oldest son, along with my wife and myself as co-borrowers, purchased a house for him to live in at a purchase price of $47,500.00. My wife and I did not live in the house; it was not o… read more
emc011075
emc011075
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Bachelor's Degree
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recd a 1099C for a rental property. I am not insolvent and
recd a 1099C for a rental property. I am not insolvent and the letter in box 6 is an F. The debt discharged in box 2 is larger than the fairmkt value in box 7. I've claimed this property as a rental f… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Hi! I had a rental property in las Vegas which I bought
Hi! I had a rental property in las Vegas which I bought in 2006 and as you know if went down in value quite a bit and then it got foreclosed on last April. In 2010 I listed the property on my tax retu… read more
taxmanrog
taxmanrog
Master's Degree
2,946 satisfied customers
Pleeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeease only answer if
Pleeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeease only answer if you have a pithy conclusive answer. I do my own taxes but am having a problem. I did a shortsale on a house -cancellaton of debt was 270,000… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
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Hi, Im in California and currently have 2 houses. we purchased
Hi, I'm in California and currently have 2 houses. we purchased our current home in Sept. 2007 while having a condo on the market at the same time (which we expected about a 80K profit from). We close… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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We filed Chapter 13. At the time we owned our home plus 3
We filed Chapter 13. At the time we owned our home plus 3 rentals. We surrendered the rentals, but kept our home. Two of the homes were taken by the banks. We bought one for $399,500. The bank sold it… read more
Tax.appeal.168
Tax.appeal.168
Principal
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Back in 1995 my parents quit claimed their house over to my
Back in 1995 my parents quit claimed their house over to my brother, sister and I.The value at that time was 105,000.00 and they bought the house in 1963 for 12,500.00 We sold the house this year for … read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I need to know what to do I referred a great friend of mine
I need to know what to do? I referred a great friend of mine to my cpa that handles my business taxes and he worked on a refund due her he put the money into my business account without my consent or … read more
JKCPA
JKCPA
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Bachelor's Degree
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I am considering selling a house I bought as foreclosure in
I am considering selling a house I bought as foreclosure in PA. I bought for 15k in 2008. I twas abandoned for 2 years and it needed extensive work. Luckily, my boyfriend is a professional in this are… read more
Merlo
Merlo
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My mom transferred her property to me November, 2007 -- quit
My mom transferred her property to me November, 2007 -- quit claim deed--$10.00 & love and affection. The house belonged to she and my Dad (he passed away in 1974). My Dad purchased the house in 1968.… read more
Ed Johnson
Ed Johnson
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My Mother died last year. She had a quit claim on her house.
My Mother died last year. She had a quit claim on her house. The three siblings sold the house and spit the profit. My sisters tax people tell her since we sold the house within a year no capital taxe… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,472 satisfied customers
Capital Gains Tax Question buying/selling homes in SF area ...
Capital Gains Tax question: I am buying a home in the San Francisco Bay Area with my 86 year old grandmother in order for our family to better care for her. She is selling her home and stands to pay c… read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
I sold my primary residence of 30 years for 690000 and ...
I sold my primary residence of 30 years for 690000 and bought another house for 500000. I am 70 years old, and a widow. for capital gains is it the difference between the two or does the purchase of n… read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
I am selling an investment property. the contract ...
I am selling an investment property. the contract price is $575,000 after everyone is paid i will get a check for $385,000. I bought this property in 2001 for $200,000 Will i pay capital tax on the di… read more
Jon Andrews
Jon Andrews
CPA
1,498 satisfied customers
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