Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
Residential rental property sold in 2018 for Gross $393000,
Residential rental property sold in 2018 for Gross $393000, Cost=478310, total depreciation claimed =209149, Adjusted basis=269161 and Gain=123839 I understand since this gain is all recaptured gain, … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Residential rental property put into use in 2009 had been
Residential rental property put into use in 2009 had been depreciated on the straight line basis using 27.5 years for its life - it is my understanding that, due to the fact, that straight line deprec… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
How much does it cost to ask a tax-related question? 2018.
How much does it cost to ask a tax-related question? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Depreciated business property building value only will sell
Depreciated business property building value only will sell for $225,000. What is the recaptured tax amount that will be due? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Do my income tax bracket affect my capital gain tax rate?
Do my income tax bracket affect my capital gain tax rate ? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Are the taxes paid on the accumulated depreciation
Are the taxes paid on the accumulated depreciation deductible as an expense when computing the taxes dues on a long term capital gain? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
When selling a rental property, is all depreciation
when selling a rental property, is all depreciation recapture taxable? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,125 satisfied customers
Alex, again. I think I know why the Unrecaptured Section
Alex, this is Park again. I think I know why the Unrecaptured Section 1250 Gain is larger than Net Section 1231 Gain. I have noticed that the land portion of the real estate sold showed up in Part I o… read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,195 satisfied customers
Regarding depreciation recapture. My understanding is that
Regarding depreciation recapture. My understanding is that it is all recaptured upon sale of the property if a gain is realized. So if someone is in the 0% tax bracket while renting out the property a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Tax question. Taxpayer sells a vacation home in 2016 (second
Tax question. Taxpayer sells a vacation home in 2016 (second home) for a GAIN. Owned the home for 10 years and rented it for 14 days in 2011, 37 days in 2012 and 43 days in 2013. Is this reported as a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Trust has one asset- a residential rental property. Property
Trust has one asset- a residential rental property. Property was sold in 2016. The Trust has $34,323.00 of unrecaptured 1250 gain. The maximum tax rate is 25%. The Trust has $3511.00 of Long Term capi… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
I am a CPA preparing a 1040 who sold a residential rental
I am a CPA preparing a 1040 for someone who sold a residential rental property purchased in 1992 for $51,200. It has tax depreciation allowed of $43,287.31 from 27.5 year Straight line depreciation. I… read more
Anne
Anne
Master Tax Preparer
2,575 satisfied customers
In 2014 I sold a condo that was purchased in 1985. Starting
In 2014 I sold a condo that was purchased in 1985. Starting in 1985 it was treated as income pro ducting property and received the 18 year ACRS depreciation. It was fully depreciated by 2003. At that … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Difference between Section 1231, capital and ordinary assets
What is the difference between an ordinary, capital, and Section 1231 asset? Why is this distinction important? What assets are subject to deprecation recapture? Compare and contrast Section 1245 and … read more
geedubya55
geedubya55
Owner
Bachelor
171 satisfied customers
Rental Property Tax Ques Hi - I bought my property in 2005
Rental Property Tax Ques: Hi - I bought my property in 2005 at 249K, took the deppreciation for $38,269 and sold the rental 2010 for 200,000. Do i have to pay taxes on the deppreciation even if I had … read more
RLWEA
RLWEA
Enrolled Agent
Bachelor
69 satisfied customers
I sold a rental property that was place in service in 1985,
I sold a rental property that was place in service in 1985, there is no depreciation subject to recapture since there was ACRES did not exceed straight-line ACRES depreciation. Total gain is $100,000.… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I sold a rental property last year for which I used straight-line
I sold a rental property last year for which I used straight-line depreciation. Is this an unrecaptured section 1250 gain? Instructions for form 4797 indicate that for depreciable residential rental p… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I have a client that sold a one family residential property
I have a client that sold a one family residential property in 2008. What parts of form 4797 do I fill out. What kind of property is it considered, It was held long term… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,060 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

5,118 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

298 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

18,818 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,665 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x