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In 2017 using funds from a loan, I purchased a vacant lot
In 2017 using funds from a loan, I purchased a vacant lot and on the deed listed myself and my fiancee as joint owners.This year 2018, we were going to build on the lot and the loan was going to be in her name entirely with the lot being used as partial down payment so I quit claimed the deed to her name only for no money.Now, we are not going to build after all, and have been offered money for the lot, which is exact amount we paid, but is now in her name only.What is our best tax strategy moving forward? Should we add me back to the deed before selling? We will not have made a dime on the property will we have to pay taxes at any point in this process? … read more
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Lane
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Looking for information about how capital gains work for investments. Does it matter if the investment is a Stock or if it's property such as a collectable that rises in value? How do regulations work… read more
Lev
Lev
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MY FATHER SIGNED OVER HIS AND MY MOTHERS PROPERITY OVER TO
MY FATHER SIGNED OVER HIS AND MY MOTHERS PROPERITY OVER TO ME 2 YEARS BEFORE HE PASSES AWAY. NOW 8 YEARS I WANT TO SELL A LOT TO A FRIEND TO BUILD A HOUSE. HOW DOES THE CAPITAL GAINS RULE APPLY TO THE… read more
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In 2011 our house was totally destroyed by a tornado.
In 2011 our house was totally destroyed by a tornado. Instead of rebuilding we bought another home of about equal valve the same year. We just sold the vacant lot from the destroyed home in 2015 and I… read more
Robin D.
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My wife and I own a home and several rental properties.
My wife and I own a home and several rental properties. About 3 years ago we bought a classic older home that needed to be restored. We planned on selling our original home and moving in to this home … read more
emc011075
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My home was lost 4/2/2013. After insurance settlement, I was
My home was lost 4/2/2013. After insurance settlement, I was left with vacant lot. How do I report the gain/loss when it sells.… read more
Lev
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I am hoping to purchase a one-half interest in a vacant lot
I am hoping to purchase a one-half interest in a vacant lot from my Dad's cousin. My Dad owns the other half interest. This vacant lot does not yet exist and will be created by splitting it off from t… read more
USTaxAdvising
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- Owned home since Nov 1997; Purchase price: $435K - Rented
- Owned home since Nov 1997; Purchase price: $435K - Rented home from May 2003 to July 2006 - Demolished main house in Aug 2007, and city granted permission for two lots - Built new house in the old b… read more
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i am 74 yrs old widower. my only income is social security
i am 74 yrs old widower. my only income is social security i am exempt from filing federal and state income taxes due to my only income social security. I have owned a vacant lot next to my residence … read more
socrateaser
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My wife and I owned a rental house on 2 building lots. We
My wife and I owned a rental house on 2 building lots. We then tore the house down, formed an LLC, and then built a spec. house on one of the lots, and split off the other lot to keep. We had an inter… read more
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Dear SirWe (myself and my wife) are Indian born UK
Dear Sir We (myself and my wife) are Indian born UK nationals and own two properties besides our PPR for past 20 yrs. Now since past one year we have taken US residency and intend to live here for at … read more
MequonCPA
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I am gifting property valued at $150,000 to my adult
I am gifting real property valued at $150,000 to my adult son. towards his lifetime $1 million gift. What tax liability will he have if he sells the property this year. He is unemployed so far this yr… read more
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to ed johnson...since i must pay the capital gains tax on
to ed johnson...since i must pay the capital gains tax on my recently sold real estate, can i add ...all the taxes paid on the lot over the past 17 years as part of the cost of the lot...along with th… read more
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Selling a duplex & buying a single family home in California
i'm selling a duplex and buying a single family home in california and would like to know what is the max amount of gain on the property that I can have withheld from taxes. 1) my husband originally b… read more
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Back in 1996, my aunt changed the title to her house and ...
Back in 1996, my aunt changed the title to her house and made me a joint owner with right of survivorship. She lived in that house until 2003 and then she went into a nursing home until she past away … read more
Zhicheng Lai
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How can I avoid the capital gains tax from the sale of my property
I have accepted an offer for a piece of property that my wife and I own. The property was purchased 15 years ago as part of our main residence. Two years ago we split the lot and made two lots. One ha… read more
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I am going to sell my home that I have been renting for 15 ...
I am going to sell my home that I have been renting for 15 yrs, I have been claiming it, the rental income, how much is capitol gains, what percent,? I bought it for 21,900 and can sell for 80,000 I h… read more
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My father died last year, leaving the house to my mother, ...
My father died last year, leaving the house to my mother, which they owned as tenants by the entirety. They purchase the house in 1969 for $19,000. My mother wants to sell the house and received an of… read more
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