Category Archives: Commercial Property

Selling Building

Today TaxMama hears from Oscar in Michigan who says, “I have a friend who wants to sell a commercial building that has been fully depreciated. She and her husband were co-owners of the building. Her husband died in 2001 when the building was appraised at $400,000.00. She is of the opinion that the appraised value […]

Land Sale

Today we hear from Lea Anne in Kentucky who tells us. “I sold 8 acres of land for $25,000.00 that I bought for $15,000.00 8 years ago. I added at least $10,000.00 worth of improvements to the land, including a building, a road, electric, water, and clearing it. There was once a trailer on the […]

Flipping Houses

Today TaxMama hears from Geri in North Carolina, who asks, “What can you tell me about flipping Houses? Is this a Schedule C Business, or Schedule D? There is a lot of different information out there, about how to handle flipping houses for tax purposes.”

1031 Exchange

Today TaxMama hears from Gaetano in the Tax Parlor, who asks “When you do a section 1031 exchange for investment real estate are you “required” to use a qualified intermediary to receive the funds from the sale of the first property or is this just an advisory to make sure you do the exchange within […]

Mortgage for Business

Today TaxMama hears from Maggie in North Carolina who says, “I am new to this site courtesy of Wayne Davies. http://hop.clickbank.net/?taxmama/taxguide I have a small pottery business of over 30 yrs. Last year we took up our first ever mortgage to buy property for a gallery. Our home…where we work, was mortgaged to pay for […]

Standing Timber

Today TaxMama hears from Anita in Fair Oaks, CA who tells us: “We own a few acres of land full of trees. We did timber harvesting. Can we adjust the tax basis of the land as, probably, the land value has decreased due to the harvesting of timber? Do we get depletion allowance?” ~~~~ Dear […]

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, […]

Eminent Domain

Today TaxMama hears from Penny in Kansas who asks. “If a gas station owner is forced by the government to sell part of his property so a street can be widened, is that considered involuntary conversion? Eminent domain? Do you know how this situation should be treated tax-wise?”