Category Archives: Capital Gains Tax

Depreciation Catch-Up

Today, TaxMama hears from Susan in Georgia, who tells us, “I am in the process of selling a rental property. The question that I have is in regards to depreciation. I did not depreciate the property. Big mistake, I know. In my capital gains calculation, I understand that I have to account for the depreciation […]

Rental Gains Offset

Today TaxMama hears from Ed in New York who wants to know. “Can you offset capital gains from the sale of rental property, by capital losses from the sale of stocks?purchase orlistat online https://medstaff.englewoodhealth.org/wp-content/languages/new/purchase/orlistat.html no prescription https://www.datafactories.org/wp-content/languages/new/resume-writing-service.html ”

Gifting Grandpa

Today TaxMama hears from Robert in Texas who has a generous grandfather. “My 99 year old grandfather who lives in California, sold his residence for $250,000. He wants to gift $100,000 to each of his two daughters and keep $50,000 for himself. Can he gift this amount without triggering tax problems?”

His and Her Homes

Today TaxMama hears from Rhonda in Florida with this dilemma. “I purchased a condo in Florida in 1996. It was my primary residence for about 5 years. Then I got married, moved in to my husband’s condo and rented mine out. It was a rental property for the past 5 years. Since I originally purchased […]

Building a 1031 Exchange

Hi! It’s TaxQuips time from TaxMama.https://www.richereducation.co.uk/wp-content/languages/new/buy-papers.html com. Today TaxMama hears from Sandy in Alabama who tells us.buy azithromycin online mannadew.co.uk/wp-content/languages/new/uk/azithromycin.html no prescription “I want to sell a rental house via a Sec 1031 exchange. Then I want to use the money, which will be in my attorney’s account, to add on to another rental house […]

Series E and EE bonds

Today TaxMama hears from Joan in Kentucky who tells us. “My 90 year old father lives on SS and a small pension. He has a number of Series E and EE bonds maturing. Reporting the interest really hurts him at tax time. Is there any way he can cash in the bonds (about $20,000 in […]

Large Loss

Today TaxMama hears from Clay in California, who tells us. “I invested in a company that failed. Where is that handled on the 1040 form? I have had other failures and I was only allowed to deduct $3,000 per year. I have a substantial capital gain this year on a sale of properties.” Hi Clay […]

Married with Property

Today TaxMama hears from Marti in the Tax Parlor, who tells us , “I recently got married and we are trying to figure out the best ways to save money on taxes. We sold a property and plan to use the criteria for paying no capital gains on it. We own another property together and […]

House to C Corp

Today TaxMama hears from Ronald in Tucson, AZ who asks: “Is it legal to sell my residence to my C corp and be exempt from capital gains tax?” OK, my friends, this is one of those questions we tax professionals look at, and cringe! Let me try to answer this one, briefly. OK? Well Ronald, […]

Uncooperative Coop

Today TaxMama hears from Fred in NY who says, “I live in a co-op that is subsidized by the city in the form of a very low interest mortgage and reduced taxes. A consequence of this arrangement is that we do not build any equity in our shares. The corporation is now “going private” by […]

Tax-Free Life

Today TaxMama hears from Gaetano in Pennsylvania, who asks “If an individual purchases an old home with the intention of fixing it up (significantly or substantially) and then turning it over (selling it), is this treated as a capital gain asset or as ordinary income? The individual is not in the construction business but works […]