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My wife and I are purchasing a single family home with our
my wife and I are purchasing a single family home with our adult daughter. We will co-own the home. She will live there. Can our daughter claim deductions for her half of the mortgage interest while m… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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I am divorced. I take turns with my ex claiming our
Hi My name is***** am divorced. I take turns with my ex claiming our daughter. This was my ex's first year to claim our daughter. Can i still submit what I paid for school and child care? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I started collecting coins in 1955 and have been doing so
I started collecting coins in 1955 and have been doing so thru 2017. I have never taken a lost or gain except for coin magazines. I have save receipts for the coin supplies and coins I bought and coin… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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My wife and I "split" over two years ago, and she has been
My wife and I "split" over two years ago, and she has been living in our condo, which had been a rental property, in Florida since that time. She recently decided that she was moving back to New York,… read more
Robin D.
Robin D.
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I am doing a tax return for a taxpayer who has a rental property.
I am doing a tax return for a taxpayer who has a rental property. At the end of 2012 the tenants ransacked the property and left. In 2013 the property was not available for rent because the landlords … read more
Lev
Lev
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Bachelor's Degree Equivalent
33,942 satisfied customers
I own a condo in Mexico that I use myself for roughly 3 months
I own a condo in Mexico that I use myself for roughly 3 months a year and rent for roughly 6 weeks a year. I declare the rental income and deduct related allocated expenses. However, I hadn't been tak… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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I am wondering what we need to do if we turn a rental condo
I am wondering what we need to do if we turn a rental condo into personal use. The condo is the sole asset in an LLC. An unrelated tenant moved out. The minority owner of the LLC moved in. Fair market… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I need to know If I create a Costa Rica Corporation and then
I need to know If I create a Costa Rica Corporation and then purchase a rental condo/home in the name of that Corporation, could I legally (from a US tax law perspective) offset the cost of the Costa … read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
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We had 50 acres of lnd wit two houses on it. We sold one houe
We had 50 acres of lnd wit two houses on it. We sold one houe on this propety first. My husband was living in the house at that time and had been. A year later we slod the other house with 20 acres . … read more
Chad Oberg
Chad Oberg
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I am recently divorced and received as part of my settlement,
I am recently divorced and received as part of my settlement, a rental property (condo) that I now own outright. I am wondering about the tax consequences of selling this property. Do I have to pay a … read more
Merlo
Merlo
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558 satisfied customers
Hello,My parents have offered to purchase a house for me
Hello, My parents have offered to purchase a house for me and my family, which we would "rent" until we are able to sell our condo and either purchase the house from them or file an interfamily transf… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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Our daughter is in college in Boulder, CO and will be for several
Our daughter is in college in Boulder, CO and will be for several years, she has decided that after school she would like to stay in the Boulder area. We are considering buying a condo rather than pay… read more
Robin D.
Robin D.
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This is a question regarding determination of cost basis for
This is a question regarding determination of cost basis for tax purposes. In California, in 2008, dad gifted his half of the family home to mom (estimated value $450K -- home value estimate $900K). T… read more
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I am currently building a home that will close in late August.
I am currently building a home that will close in late August. I recently married and my spouse currently owns a condo so I don't think I qualify for the first time home buyer credit. Is this true? Th… read more
Anne
Anne
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I purchased at a minimum cost land from my sister, that has
I purchased at a minimum cost land from my sister, that has been in our family for generations in 1992. It is 54 acres. I am now selling it to my sister since I realize that I am not going to ever be … read more
Anne
Anne
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3,422 satisfied customers
If real property is transferred from elderly parent to adult
If real property is transferred from elderly parent to adult child and parent keeps a life estate, then the property is sold and a new property is purchased and the deed still preserves a life estate … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
My parents want my sister and her husband to get their ...
My parents want my sister and her husband to get their condo when they pass away. My sister and her husband want my children to get the condo after they pass, but don''t want to will it to them (I thi… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
Eight years ago I purchased a condo for my aging parents to ...
Eight years ago I purchased a condo for my aging parents to live in without paying me any rent. I did not claim them as dependents - I merely gave them a place to live, rent free. They were the only o… read more
The Guy Behind the Tree
The Guy Behind the Tree
Master's Degree
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