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Looking for assistance on questions understanding and
Looking for assistance on questions understanding and managing the capital gains implications from... unforeseen buying and selling of multiple homes I'm about to go through.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
We sold our house in California for $665,000 in 2018. It was
We sold our house in California for $665,000 in 2018. It was our primary residence and we are married dili v jointly. Net proceeds about $340,000. We immediately put a deposit on a house in Az in Dec … read more
NelsonProTax
NelsonProTax
Remote Tax Support Expert
Master's Degree
2,691 satisfied customers
I'm a sellinga house that is in my moms and my name since
I'm a sellinga house that is in my moms and my name since 2012. My mom owned it since 1956. My mother passed in 2018. How is the tax basis figured on that sale? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
Ok I got income of 369,000 on 1099 on it says 2018 cause I
Ok I got income of 369,000 on 1099 on it says 2018 cause I sold house but the funds were put in escrow account I purchased new home jan23 2019 and that's when I recieved the funds from the sale does t… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
30,744 satisfied customers
My daughter and I have had joint tenancy in her primary
My daughter and I have had joint tenancy in her primary residence for twenty years. There is no mortgage or lien on the property. If the property is sold in an all cash sale, she qualifies for the exe… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
6,680 satisfied customers
Would 90,000 received for home damage resulting from
Would 90,000 received for home damage resulting from Hurricane Sandy suffice for capital gains deduction upon sale of my house? Many receipts I do not have. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,567 satisfied customers
If you are able. I bought a house in Nov 2017 to fix and
please if you are able. I bought a house in Nov 2017 to fix and resell, which I did in Oct 2018. I never lived in it. What costs are allowed to determine if I made a profit? And how do I enter it on m… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,197 satisfied customers
How do you report the sale of a one time spec house sale?
How do you report the sale of a one time spec house sale? Not in the business, never built one before, no intention to build one again.... … read more
PDtax
PDtax
Owner
Master's Degree
6,528 satisfied customers
I owned a home with my brother. He lived there. He died in
I owned a home with my brother. He lived there. He died in 2016. I added my sons name to the deed in 2016. In 2018 one of my sons bought the house outright. I received a small amount - letting them ha… read more
Barbara
Barbara
Enrolled Agent, Paralegal
21,334 satisfied customers
We are using Turbo Tax to file our taxes but I have a
We are using Turbo Tax to file our taxes but I have a question. I built a house in SC in to 2009 so my wife and along with my daughter and her two kids could live together. In 2010 my wife and I moved… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
30,744 satisfied customers
I returned my home to the bank through a deed in lieu transaction.
I returned my home to the bank through a deed in lieu transaction. The home had been our primary home but had been rented out for 3 years because we had to move for a job and were unable to sell. We h… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,667 satisfied customers
I have a primary residence that I need to sell. However, it
I have a primary residence that I need to sell. However, it appears I will have a loss in excess of $3000. Would I be better served to rent the property for a year then sell so that I can deduct the e… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,567 satisfied customers
I am having trouble with Federal Schedule A concerning sales
I am having trouble with Federal Schedule A concerning sales tax deductions. As a resident of Washington State, I am allowed to deduct sales tax I paid from the sale of my home ($3565). I also paid a … read more
winktax
winktax
Enrolled Agent
Master's Degree
425 satisfied customers
A home was purchased 25yrs ago for $90,000 and today it is
A home was purchased 25yrs ago for $90,000 and today it is valued at $450,000. The original mortgage was re-financed before and I am currently looking to lock in even at a lower rate. If I re-finance … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I bought a house in 1991 and lived there till 2000 I then rented
I bought a house in 1991 and lived there till 2000 I then rented the property i did file the rent on sch E I only depreciated it for the last 2 yrs as i understand the IRS take it anyway. What capitol… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Hello. In July 2004 I purchased my old condo (primary residence)
Hello. In July 2004 I purchased my old condo (primary residence) at $125,000 (also valued at $125,000 by the count) with a $25,000 down payment. In four years time I paid down the original $100,000 pr… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
I sold a house I lived in in NJ for 9 years. I made $90,000.
I sold a house I lived in in NJ for 9 years. I made $90,000. profit. I reinvested in a NJ house the profit. I only lived there 2 months and sold that house. The profit on that house was bought it for … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
I purchase a home in 1990 lived in it until October 2004.
I purchase a home in 1990 lived in it until October 2004. Made a profilt of 90,000. In October 2004 I bought another home and put that 90,000 down. I am looking to sell the current home. I will close … read more
Zhicheng Lai
Zhicheng Lai
Master Degree
426 satisfied customers
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