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Purchased property with old cabin on it in about 1982. Wife
Purchased property with old cabin on it in about 1982. Wife died in 2013. Sold property in 2018. How is capital gains computed? … read more
emc011075
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Hello,This question is regarding a perhaps complicated capital gains on commercial property.My husband purchased a commercial building in 1995 for $150,000, which he ran as a S corp business from 1995… read more
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Is the step-up rule apply to second homes owned jointly as
Is the step-up rule apply to second homes owned jointly as community property with right of survivorship when one of the spouses dies.… read more
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My husband co-owned a house with his mother, and then
My husband co-owned a house with his mother, and then co-owned the house with his brother after his mother died. His brother lived in the home for over 10 years, and then he and my husband sold the ho… read more
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I am a gay man in a long time committed relationship. 40
I am a gay man in a long time committed relationship. 40 years ago my partner and I bought a house which is all in his name. I inherit everything. We are considering getting married which would save u… read more
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We live in community property state. My spouse died 5 years
We live in community property state. My spouse died 5 years ago. We owned Walmart stock purchased at 4 different times before my spouse died. I know a little about "stepped up" basis. I sold 20% of th… read more
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My wife inherited real property that had been held in a
My wife inherited real property that had been held in a Family Trust. Her father died in 2007 and the property was appraised at 515,000. Her mother died in 2012 and the same property appraised for 303… read more
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We have an A- trust and a secondary cabin which we purchased
We have an A-B trust and a secondary cabin which we purchased in 1967 for 16,000. Valve today 200,000. We would like to sell but capital gains would kill us. I understand our son would get stepped up … read more
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My husband and I sold our convenience store/gas station in
My husband and I sold our convenience store/gas station in 2008 for 1.2 million and held the mortgage at 4% with zero down payment. We bought the property back in 1998 for $400,000. We did not depreci… read more
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My brother, sister and I inherited a house located in NY left
My brother, sister and I inherited a house located in NY left by my Mom intestate. The house has been sold for $236,000 cash. Minus a second mortgage of $58,000 on the house would leaves $178000.00 to… read more
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In 1988, a married couple buys a house. In 1993, they set
In 1988, a married couple buys a house. In 1993, they set up two living trusts, one for each of them, and they transfer title of the house to the trusts, half in each. In 1997, the wife dies. In 2009,… read more
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1988. A married couple buys a house. 1993. They set up
1988. A married couple buys a house. 1993. They set up two living trusts, one for each of them, and they transfer title of the house to the trusts, half in each. 1997. The wife dies. 2009. The husband… read more
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My parents owned a home with a Life Estate designation for
My parents owned a home with a Life Estate designation for them.. Their five children were also named on the deed. This was set up in 2000. My father has since died. My mother moved out (to Assisted L… read more
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my parents passed on in early 2009, leaving their home for
my parents passed on in early 2009, leaving their home for sale which had been priorly transferred into the family trust. My sister and I are to each inherit 40%, my brother and his former wife the re… read more
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I live in Wisconsin. In 2008 we sold our portion of our cabin
I live in Wisconsin. In 2008 we sold our portion of our cabin the other owner for half of the amount that we had spent to build it. After the sale we purchased a different cabin for more than the amou… read more
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I have heard that there is a one time tax free capital gain.
I have heard that there is a one time tax free capital gain. My husband and his sister just sold their deceased mothers house. People have told my husband that if he has never had a capital gain that … read more
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Hello, My wife died in December, 2004. I was remarried
Hello, My wife died in December, 2004. I was remarried on September 30th, 2006. Both my wife and I had houses which were our primary residences and we both had mortgages. Her house was sold on January… read more
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My Father in Law wishes to will his house to the two ...
My Father in Law wishes to will his house to the two children, Sue & John. Sue needs to be in a "Special Needs Trust". 1.) Will she incur any tax liability if the 50% portion of the house is willed to… read more
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