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We have a property that we have been leasing and want to
We have a property that we have been leasing and want to sell in order to purchase a new home. What do you suggest in terms of the capital gain tax? Do you recommend we move into the lease property fo… read more
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Lev
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I used a calculator to figure capital gains tax on the sale
I used a calculator to figure capital gains tax on the sale of my rental property in CA... do the figures look reliable? I am a hawaii resident. Will there be other taxes due besides capital gains? Th… read more
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We recently contacted a trusted real estate agent and she
We recently contacted a trusted real estate agent and she came up with a value of our home at $509,000.00. The housing market here on Long Island is in a sellers market place so the value was higher t… read more
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Lev
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We purchased condo as second home in Seattle. Wife and I
We purchased condo as second home in Seattle. Wife and I live in Reno. Price was$300000. Down payment was $165000 which came from a formal 1031 exchange.This was 10 yrs ago. Transaction was handled by… read more
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I purchased an REIT in 2010 when I retired. The initial
I purchased an REIT in 2010 when I retired. The initial investment was for $85000. It is now worth $28281.24 and is currently going to be sold. What if any can I deduct? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I would like to buy an old house and flip it. If I start a
I would like to buy an old house and flip it. If I start a new business and pay cash for the old house, how much can I write off of my taxes. I have a 700k long term capital gain for 2017… read more
Lev
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We sold some land that was gift deeded to us. How can I
We sold some land that was gift deeded to us. How can I defer or redirect some of the profits so we can lower the taxes due?… read more
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I would like to purchase 1031 exchange. But need to
I would like to purchase for a 1031 exchange. But need to understand what's feasible. I'm selling a property (relinquish property) for about $310K and would like to purchase another one for $320K. My … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am trying to figure out what the tax liability would
Hello I am trying to figure out what the tax liability would be on selling a rental property. The gross profit is around 200k. My combined income (married) is around 140k. Can you give me the tax % as… read more
Lev
Lev
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Bachelor's Degree Equivalent
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If you sell a rental property than it was originally
If you sell a rental property for more than it was originally purchased for does the entire amount of the sale need to be reinvested to defer the gain or just the difference. For example if you bought… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Megan, My partnership owns a medical office building which
Megan, My partnership owns a medical office building which will be sold in mid-December 2014. Some partners will do a 721 UPREIT exchange and others will do a taxable sale. I told our CPA that my roll… read more
Lane
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Doctoral Degree
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hi. #1 - I am selling my rental property and purchasing a 2nd
hi. #1 - I am selling my rental property and purchasing a 2nd home. For IRS1031 I understand this is deferring to pay gain from the rental property sale. Question say my rental property made 150k gain… read more
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Question: Can capital losses from the sale of stocks and bonds
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DanielleCPA
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I liquidated a REIT account in May 2011. The proceeds were
I liquidated a REIT account in May 2011. The proceeds were re-invested in another REIT offered by the same firm. Is this a wash transaction? Are the proceeds less the cost basis capital gains?… read more
Lev
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I am considering selling some rental property I have in the
I am considering selling some rental property I have in the North Carolina mountains. I live in South Carolina. I do not want to recognize gain on the sale of my property. I heard that I may be able t… read more
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HOW DOES THE INTERNAL REVENUE FIGURE SELLING BUSINESS EQUIPMENT
HOW DOES THE INTERNAL REVENUE FIGURE SELLING BUSINESS EQUIPMENT FOR INVESTMENT CREDIT TAX: PURCHASE PRICE $ 156,000 SOLD FOR $ 75,000 HAD LIEN ON EQUIPMENT FOR $ 70,000 ( I ACTUALLY GOT $ 5,000 FOR MY… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Thinking of selling one of my properties - one that is being
I am thinking of selling one of my properties - one which is a rental property (a capital gain exlusion does not apply unless I move in there, but I heard that this benefit is no longer available from… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I and a couple of partners have a Marina and we are going ...
I and a couple of partners have a Marina and we are going to sell the property to a developer. One option to defer capital gains is to have a 1031 exchange for a "like" type of property that qualifies… read more
RD
RD
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