We bought a new home in October 2022 and sold the old home in February 2023. We used our exemption to avoid capital gains tax for our 2023 taxes. When would we be able to claim exemption on any capital gains tax on real estate again?
I reported an amount as Capital Gains when I should have reported Form 1099B: Proceeds From Broker and Barter Exchange Transactions. There is absolutely no way to get any help with this from Free Tax USA. I've been with them for several years, but I've never needed help before. This will be the last time I use them. Their…
We sold a property that qualifies for a $250k capital gains tax exclusion. This property was a home for several years, after which it became a rental property. We have tracked the property's depreciation while we rented it, and we know that up to 25% of this depreciation will be recaptured. The property sold in 2023 and…
Hi This is an excerpt from my Schwab Regular account. It's taxable and all dividends and capital gains have been reinvested from Edward Jones (pre-2010) to TDA (2010 I think) to Schwab. Nothing has been traded. Each Mutual Fund shows Lot Details going back to 2010. Yes, there is one fund with missing cost-basis that I am…
Hi I am sure that these questions have been asked, however, I've seen different websites and calculators with different answers. I want to sell Long-Term Investments from my regular (non-Roth) account this year (2025). I will have NO income to report for this year. So... What will my Federal capital gains tax rate be? 1a)…
I am having trouble getting my capital gains entered correctly. I am using the summary form and I'm not getting the correct Net Gain amount. I'm entering the total proceeds and the total cost basis but the net gain total is wrong. What do I do?
I bought a piece of raw land for 60,000 dollars in May 2024. I paid 5000$ in closing cost and have paid over 300 dollars in interest on the property a month for a year. I am selling this month for 81,500$. Is there any tax exemption on capital gains tax I can do with interest and closing cost I’ve paid?
It is mostly long-term gains.
I expect to have significant realized gains from crypto in 2025. Can this income be averaged out over more than one year? It is mostly long-term capital gains.
My mom sold her primary home (in NV) this year. I jointly owned this house with her (from original deed, over 20 years ago), but it was her primary and not mine (I live in a different state). The capital gains was <$250k. She obviously doesn't have to pay CG since it's her primary home. But do I?
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