Tax

Have a tax question? Ask a tax Expert

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

Related Tax Questions
I inherited my childhood home from my mother in January
I inherited my childhood home from my mother in January 2019. It was sold on a five-year land contract in 2014 so I received monthly payments after I acquired it in 2019 as part of that inheritance. I… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,125 satisfied customers
My mother deeded her home to me and my brother before she
My mother deeded her home to me and my brother before she passed away. After she passed we sold the house do we have pay taxes on the sale? … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,019 satisfied customers
Selling main home on 1acre lot, plus 1 acre lot in twin
selling main home on 1acre lot, plus 1 acre lot in twin falls, id for $350,000ollars, bought home and extra lot in 1972 for $65,000 including the extra 1 acre lot. What tax consequences would I have i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,755 satisfied customers
I own a property that has been subdivided. On one parcel
I own a property that has been subdivided. On one parcel their is my existing home. The other is a vacant lot. If I sell, I don't want to pay capital gains taxes. The home is considered my primary res… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
If a taxpayer has a stock that was declining in value in
If a taxpayer has a stock that was declining in value in 2016 and is deemed worthless in 2017, in what year does the taxpayer need to declare the cost basis loss?… read more
Barbara
Barbara
Enrolled Agent
17,741 satisfied customers
I have a client that sold vacant land. Does that get
I have a client that sold vacant land. Does that get reported the same as a stock sale or on form 4797.There is a 60,000 loss is this also subject to capital loss of $3,000 per year… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,162 satisfied customers
I purchased a home in 1975 on 2.2 acres for roughly $50,000,
I purchased a home in 1975 on 2.2 acres for roughly $50,000, and within 2 months later I purchase the adjacent undeveloped 2.2 acre lot for about $10,000. For 41 years we utilized both lots as our pri… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,162 satisfied customers
This question is in regards ***** ***** tax consequences of buying
This question is in regards ***** ***** tax consequences of buying and selling a home. We bought a primary residence in July 2014 but it took us until January 2015 to sell our previous primary residen… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,755 satisfied customers
I inherited my dad's portion (50%) of the house he lived in
I inherited my dad's portion (50%) of the house he lived in with my Step-Mom with the understanding that she could live in the house until she sold or passed away. She has decided to sell the house no… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
How to determine basis property, Parents purchase property
Parents purchase property in 1946 for 10,000. Some parcels sold. Remaining parcel given to children in 1980 by mother . Father died in 1974. Between 74 and 1980 there were improvements of 31,000. In 1980 when the property was gifted the FMV was 60,000. There are 6 siblings so we are within the gift tax exclusion. We are selling the property now for 90,000. So what is our basis for tax purposes. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,755 satisfied customers
I sold a 25 foot by 150 foot piece of land on the edge of my
I sold a 25 foot by 150 foot piece of land on the edge of my property to increase the size of the lot that is next to me. This was done in 2014 and I have lived on this property for over 25 years and … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,755 satisfied customers
we had a total loss house fire two years ago. we opted to purchase
we had a total loss house fire two years ago. we opted to purchase a house rather than rebuild. the old house sat on 13 acres. now the neighbor is offering to purchase the ground, how will capital gai… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,755 satisfied customers
I am about to sign a contract to sell my house, which I have
I am about to sign a contract to sell my house, which I have owned for about 4 years, and which qualifies for Section 121 exclusion of gain. As part of the deal, the buyer wants to buy a parcel of lan… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
My brother, sister and I sold a home we inherited from my mother.
My brother, sister and I sold a home we inherited from my mother. We had it appraised at $99,000 and it sold for $90,000. Each of us got a 1099-S from the title company for $30,000. I am told we do no… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
i have a vacant building lot for sale. this lot was ...
i have a vacant building lot for sale. this lot was purchased alongside my current home. i have separate deeds for each pay separate taxes for each. the home and the separate building lot was purchase… read more
The Guy Behind the Tree
The Guy Behind the Tree
Master's Degree
906 satisfied customers
Does Phase 3 qualify for short term Capital Gain In ...
Does Phase 3 qualify for LONG term Capital Gain? In early 1994 I bought 17 acres of land and had an engineering firm survey, engineer and Plot the land into 46 residential Lots. The engineer developed… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
The home we recently sold had to apns. We sold both ...
The home we recently sold had to apn's. We sold both apn's to the same people. Do we have to conceder the property without the houes sitting on it an investmnet property? Rod Johnson… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I purchased a vacant lot in 2003 in Florida for $90,000. I ...
I purchased a vacant lot in 2003 in Florida for $90,000. I still owe about $38,000 on the existing mortgage and have just listed it with a broker to sell for $235,000. His commission rate is 6%. If so… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 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

5,764 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

626 satisfied customers

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

Loren

Loren

Attorney

372 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

20,865 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,666 satisfied customers

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

< 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