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Just noticed that my CPA that completed my taxes in 2017
Just noticed that my CPA that completed my taxes in 2017 used the auditor value for the depreciation value. Is there an issue with doing this as I thought it was supposed to be based upon purchase pri… read more
emc011075
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I need help to figure out exactly how to fill out Form 4797, if that is indeed the right one to use. I originally purchased home on 5/30/1995 with husband. Purchase price at that time was $89,558.00 G… read more
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I cant figure out, why I am taxed on over $200,000, when my capital gain is only $26,000 … read more
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I purchased a rental for $56,000 in 1995. I made $34,000
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how do I amortize my rental house as expense for tax reasons? When I sell the house, will it be based on the depreciated value?… read more
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My sister is selling us the home we live in. Valued at
My sister is selling us the home we live in. Valued at 440,000 and purchasing for 225,000. What are the tax implications and who would be affected.… read more
emc011075
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I live In PA, I sold a rental property in FL this year. I originally
I live In PA, I sold a rental property in FL this year. I originally paid 60,000.00 for the property in 1996. I refinanced the property in 2006. I sold the property for 98,000.00. Do I owe a money bec… read more
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I have a family home that we lived in from 1993 to 2007. It
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I live in California. I purchased a home in 1997 for 275K and
I live in California. I purchased a home in 1997 for 275K and lived in it for 10 years. In 2007, I purchased a 2nd home where I currently live. At the time, I moved at out of my 1st home the value on … read more
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Is there some fairly simple formula for figuring what tax I
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We moved into a new house in mid 2007. Our old house did not
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We have a second home that we have rented out for 15
We have a second home that we have rented out for 15 years. We have depreciated it all those years because we planned to move there in a year. Now, we are considering selling it. How much of the depre… read more
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I own the house my daughter lives in. I owe 324K on ...
I own the house my daughter lives in. I owe 324K on it; current market may only show value as 385K. I also owe the government money. If I sell it to my daughter for market price and the leftovers go t… read more
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My Father passed away in 2002. My mother is still alive ...
My Father passed away in 2002. My mother is still alive and now is the sole owner of a 24 unit building. In 1991 they sold a 20 unit and bought the 24 unit in order not to pay the capital gains tax. S… read more
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My father passed away and my mother disclaimed his half of ...
My father passed away and my mother disclaimed his half of a rental duplex to me. She gifted my the other half. The cost basis is therefore the appraisal value / 2 (the rental duplex was fully depreci… read more
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Allowable to deduct passive activity loss from capit gains
My question concerns the calcualtion of Capital Gains Tax for the sale of a rental property. May I deduct any (and all) prior year losses that I was not able to take from Schdule E, Form 1040 because … 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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I purchased a rental home fours years ago. Last year I ...
I purchased a rental home fours years ago. Last year I refinanced it to make upgrades. Now I want to sell it. Will I have to pay capital gains on the difference between the refinanced value and the sa… read more
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