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We have a rental property and are wondering if we pay it off
Hello, we have a rental property and are wondering if we pay it off will that negatively impact our taxes? … read more
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I'm calculating the basis for the home I sold as well as the
I'm calculating the basis for the home I sold as well as the home I bought. Is the payoff to my current mortgage company that is listed on the Final Closing Document in any way deductible against the … read more
Rick
Rick
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I have questions about capital gains We have reported our
I have questions about capital gains We have reported our taxes as married for the last two years. My huaband sold his home in colorado and his cash gain was $550,000. i also have a home of my own in … read more
Tax.appeal.168
Tax.appeal.168
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Sure. If someone else has a better idea of how we can payoff
Sure. If someone else has a better idea of how we can payoff our mortgage with $ 130K from my parents who sold their home and are now living in our rental. The goal is for us to not take a hit on taxes for receiving a this money... … read more
Lev
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I have 3 mortgages. (primary and two rentals). I am
Hello, I have 3 mortgages. (primary and two rentals). I am considering refninaincing the primary with cash out so that i may pay off the the two rentals and consolidate into one loan with a better lon… read more
Lev
Lev
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I want to know the tax implication of cash out refinance for
I want to know the tax implication of cash out refinance for my primary home … read more
Lev
Lev
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I'm going thru a divorce and selling a four plex my former
I'm going thru a divorce and selling a four plex my former wife and I owned together. We've owned the property for 8 years. Was the sale is finalized we are estimating are capital gains to be around $… read more
Lev
Lev
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My parents bought a second home almost 3 years ago that my
Hello. My parents bought a second home almost 3 years ago that my husband and I have been paying the mortgage and taxes on for the whole time. We now want to sell and move closer to them but the house… read more
Rick
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We have a home my mother was living in that we went to sell
We have a home my mother was living in that we went to sell and pay off the mortgage on another home we own -worried about the taxes. Also thinking about maybe renting it instead but wonder about how … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Aurthur..i spoke to my CPA and she was saying mortage
HI Aurthur..i spoke to my CPA and she was saying mortage interest on a cashout loan on the primary home to payoff the rental properties cannot be declared as tax deductible ...so am in a dilemma, your… read more
Arthur Rubin
Arthur Rubin
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Ed. Here's my question. I utilized a home equity line on my
Hi Ed. Here's my question. I utilized a home equity line on my personal residence to acquire rental property A. I also own a second rental property B that was acquired through a 1031 exchange. Neither… read more
Lev
Lev
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We recently sold a home that my husband owned prior to our
We recently sold a home that my husband owned prior to our marriage. He lived in it for approximately 10 years, and then rented it out. What is our tax liability? … read more
Rick
Rick
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My parents are buying my house from me but our home lawyer
My parents are buying my house from me but our home lawyer informed us on a way to do so to save both myself and my parents money. They are going to give me the money to payoff the mortgage $34,000 an… read more
emc011075
emc011075
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I am 42 and a california resident in the top income bracket.
I am 42 and a california resident in the top income bracket. Recently I have sold some stock and sold an sf rental that I am attempting to 1031 in a southern california property. In the movements I wo… read more
Dr. Fiona Chen
Dr. Fiona Chen
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I ad 2 rental properties. As part of my divorce agreement I
I ad 2 rental properties. As part of my divorce agreement I was required to pay off the mortgage on property 2 and transfer deed to my husband. I sold property one, paid off property 2 and transferred… read more
Robin D.
Robin D.
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Are you a tax professional who uses Proseries? If so, I
Are you a tax professional who uses Proseries? If so, I would like assistance with correctly reporting sale of capital asset. I will send you an example transaction. You'll enter it into a Proseries f… read more
Charles Markham
Charles Markham
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We have a paid off rental house we do not want to pay taxes
We have a paid off rental house we do not want to pay taxes on. How or can this be done? We owe the same amount on our home as the paid for rental house is worth, $200,000. Can we use a 1031 exchange … read more
Robin D.
Robin D.
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I bought a house in 2001, and converted it to a rental property in Oct 2007. I
I bought a house in 2001, and converted it to a rental property in Oct 2007. I'm thinking of selling the house, which would result in ~90k in gains, and $130k out. As far as I understand, if I sold it… read more
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Robin D.
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