Category Archives: Capital Losses

Garage Sales

Today TaxMama® hears from John in the TaxQuips Forum with a sensible question. “Are garage sales reportable? I have never heard of anyone reporting garage sales. I assume everyone guesses their basis exceeds the gross proceeds and personal losses are disallowed.”

eBay Sales for Friends

Today TaxMama® hears from Judecat in the TaxQuips Forum who is helping a sick friend. Without going into detail – “Judecat is selling his personal treasures on eBay because he is too ill and doesn’t have access to the Internet. She wants to know the tax implications.”

Sold Daughter’s Home

Today TaxMama hears from Pam in the TaxQuips Forum with this problem. “My husband and I bought a house for $59.000 five years ago. Our daughter lived in the house, rent-free. Her name was on the title. We sold the house this spring for $48.000. We were issued a 1099 in our name (not our […]

Ready for End-of-year Tax Planning?

CCH Suggests Steps to Consider Before Time Runs Out (RIVERWOODS, ILL., November 2, 2011) ­ As the clock winds down on the 2011 tax year, now is the time for taxpayers to look at their financial situations, consult tax and accounting experts and determine if they can be better positioned for filing income tax returns […]

Loss on Leasehold Interest

Today TaxMama hears from Gordon in the Tax Quips Forum, who wants fairness. “In 1996 I purchased a leasehold interest in a lot in a recreational vehicle park.  The lot is on leased land owned by someone else.  Since there was actually no real property I assumed I would not have to pay capital gains […]

Lost Down Payment

Today TaxMama hears from Somsak in the TaxQuips Forum, who is hurting, badly. “In 2005 I signed a contract to purchase 2 units in a pre-construction CondoTel in Orlando, Florida. I submitted a 20% down payment of $211,960. In 2008 the project was completed, but only 47 out of 260 investors could close the escrows. The rest couldn’t […]

Investing Through A Friend

Today TaxMama hears from Brent in the TaxQuips Forum, with an exciting opportunity. “I have been approached by a friend I trust (personally, not on the fine points of tax law) about investing in a pre-IPO stock of a foreign company that will be listed on a US exchange.  Two problems. First, I would invest […]

Selling Inheritance at a Loss

Today TaxMama hears from Liz in the TaxQuips Forum with this interesting situation. “My father’s cousin passed away and I inherited part of his home.  The executrix of the estate said that since the home sold for less than it was appraised for on the date of his death, we each may be able to […]

IRS Issues Final Regulations on New Basis Reporting Requirement

For Investors, Reporting Gains and Losses Gets Easier Starting in 2011 WASHINGTON — The Internal Revenue Service today issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later […]

NOL carryforward

Today TaxMama hears from Judy in Washington state, with this question. “Could you please tell me how long a 1995 net operating loss can be carried forward?”