The most recent content from our members.
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?
I live in Ohio and sold inherited property that I have had for 12 years. I made improvements and sold it for much more than the price it was valued at. I tore down an old house and sold just cleared land. Will I have to pay capital gains tax? If so, how can I reduce the taxes owed?
I am selling half of raw pasture land that I have inherited. Would it be a short or long-term capital gains tax?
I have a modest money market acct. with C. Schwab which has small gains and it is reported to me via a lengthy "1099 COMPOSITE" document. Q: Should any realized gains be reported to the IRS via Form 1099-B and on Form 8949 or just the latter?
I have a home that I've lived in for many years. My income is just below the income level to pay capital Gains. Will I still have pay the Tax?
I have recently sold a vacation home, not primary residence. What are the tax implications on this sale? If another real estate purchase is made can the capital gains taxes be avoided? Can the purchase be land only, or does it have to have a building on it?
Hello. I've acquired a condo which I will rent out. All of 2023 I was doing repairs (painting, installing shower etc.) and replacing kitchen/dishwasher and entire unit's floor. No income for me except for SS during 2023. All work paid for using savings. Improvment? Repairs? Both? So I didn't get income from that property…
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…
My parents purchased a small apartment (in Bulgaria) for $5,000 in 1976. In 1997, they put it in my name (gifted it to me) through a life estate deed. According to that document, which I think is called a deed of donation of real property with a reserved life estate, my parents should retain their rights to use and occupy…
As I understand capital loss carryforwards for individuals, you can carry the loss forward indefinitely, but it offsets only net capital gains, not ordinary income. I entered my capital loss carryforward but sold/purchased -0- investments this year. So entering it should not have changed my refund amount, but it changed it…
It looks like you're new here. Sign in or register to get started.