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I have a loss carry forward on a rental property I'm selling
I have a loss carry forward on a rental property I'm selling in a like Kind exchange. Can I take the losses not used from the rental to take cash out of the sale? … read more
James Daloisio
James Daloisio
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I bought a property in 2015 with $74K "boot" from another
I bought a property in 2015 with $74K "boot" from another capital gains purchase. I paid $215K for it. It is now worth $300K. If I sold it today, how would I calculate the adjusted basis for capital g… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I have a question for 1031 exchange capital gain tax. Multi
Hello, I have a question for 1031 exchange capital gain tax … read more
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Mark Taylor
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I sold a farm this past year and had a gain of approximately
I sold a farm this past year and had a gain of approximately $280K. I purchased another farm for approximately $328K. Since I reinvested more in the new farm then the amount of my gain, will I still p… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I did a 1031 exchange. Am using Tax Act software. The sale
I did a 1031 exchange. Am using Tax Act software. The sale including House, Land, improvements (e.g. driveways, water heaters, dishwashers, etc (1250 & 1245 prop). All together profit was around $93k.… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Question for Chad, EA: if a person is selling a rental
Question for Chad, EA: if a person is selling a rental property and doing a 1031 exchange, is it better they pay off the mortgage before the closing as to avoid boot. They will have to pay capital gai… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,750 satisfied customers
I sold a duplex in 2017...one half was my primary residence
I sold a duplex in 2017...one half was my primary residence and one half was rental...I qualify for one half as the sale of my personal residence and am able to use the exemption..the other half I use… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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TAX DEFERRED 1031 EXCHANGE, COMPLETING FORM 8824; GAIN IS
COMPLETING FORM 8824; GAIN IS REPORTED ON FORM 4797; DO NOT KNOW WHAT i AM MISSING ; IT IS BEING REPORTED ON FORM 1065 … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,750 satisfied customers
I did a 1031 transaction a few years ago, where I deferred a 85k gain. With a Basis of the
I did a 1031 transaction a few years ago, where I deferred a 85k gain. With a Basis of the like kind property sold of 162k (256k sale proceeds). I purchased two properties with the 1031 exchange that … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Exploring section 1031 exchange. Anticipating sale of investment
Exploring section 1031 exchange. Anticipating sale of investment property with $100k LTCG. Unallowed losses to date - $41k. Depreciation recapture - $101k. Based on these #s we expect tax debt of appr… read more
Lev
Lev
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Bachelor's Degree Equivalent
41,017 satisfied customers
Did a 1031 exchange in 2005 with a gain. sold the property
Did a 1031 exchange in 2005 with a gain did file a 8824 reporting the gain. sold the property in 2011 at a loss. ( Did purchase a new property in 2011, but not as part of the 1031.) Is a 8824 required… read more
R. Klein, EA
R. Klein, EA
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Master's Degree
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I am contemplating selling a commercial building that I have
I am contemplating selling a commercial building that I have a lot of equity in and I am wondering if the money I have lost in the last two years on land I held for sale to build on and a bldg that so… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Question 1 I have owned a rental home (in Georgia) for a number
Question 1: I have owned a rental home (in Georgia) for a number of years which has provided me with good income. However, I want to sell the rental home as the neighborhood is "not what it use to be"… read more
CGCPA
CGCPA
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I am selling my business which i started from scratch with
I am selling my business which i started from scratch with no debt for $500,000.00.I have built this business with the help of my wife and father.If after the sale i immediately put this money into an… read more
Lev
Lev
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Bachelor's Degree Equivalent
41,017 satisfied customers
I have a tract of land on my books that cost $562,000.I ...
I have a tract of land on my books that cost $562,000.I gave it up for a tract of land with a FMV of $629,908 in a Reverse Section 1031 transaction. What entries do I make on my books and how do I rep… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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I sold a rental home for 350,000 and my adjusted cost basis ...
I sold a rental home for 350,000 and my adjusted cost basis is 90000. Out of total gain of 260,000, I used 154,000 for 1031 exchange property. How do I enter all this information on 4797 form or any o… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I am self employed, I deal in coins i use the cost ...
I am self employed, I deal in coins i use the cost accounting method. I traded 70 coins for 70 other coins, no money exchanged hands just the coins. the coins I bought several years ago for $350.00 ar… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,017 satisfied customers
i have a two family propety that im selling . and my ...
i have a two family propety that im selling . and my sister has a two family that shes selling and we wanna purchase a two family togeter can we bought do a 1031 tax exchange Optional Information: gle… read more
Joel
Joel
Real estate Broker
Vocational, Technical or Trade Scho
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