Tag Archives: Internal Revenue Code section

Property Tax Surprise

Today TaxMama® hears from Tony in the TaxQuips Forum with an odd problem. (Here’s the short version – read the long version on the site.) “He just got a notice that his home is about to be sold because the property taxes haven’t been paid on it. He’s never gotten the invoices – they have […]

Profit on Vacation Home

Today TaxMama hears from Lucylle in the TaxQuips Forum, with this question. “We want to sell our vacation home in Maine and buy another.  Will we have to pay capital gains tax on it even if we buy another of equal value?”  

Where to Pay Tax

Today TaxMama hears from Nick in Wisconsin, who tells us. “I own several rentals in Wisconsin. I have been a Wisconsin resident for years. If I relocate to Florida where there is no personal income tax, then sell my rentals, will I have to pay capital gains tax to Wisconsin? I realize that the Federal […]

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.”

Like-Kind Exchange Rules Do Not Apply to Vacation Homes

By David & Mary Mellem, EAs Mr. & Mrs. Moore purchased real estate (vacation home) in 1988. This property was located approximately 3 hours from their principal residence. About 1996 they changed their principal residence to another city in the opposite direction from the vacation home. Due to the longer travel to get to the […]

Building a 1031 Exchange

Hi! It’s TaxQuips time from TaxMama.com. Today TaxMama hears from Sandy in Alabama who tells us. “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 and/or build another rental house. Of […]

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 […]

Subdivided Personality

Today TaxMama hears from Keith in Wisconsin, who poses this dilemma. “I have resided in my principal residence for three years, uninterrupted. It is on 6.3 acres of land. Two years ago, I had the land subdivided into two lots, one with the house on it, the other vacant land. If I sell both in […]

Real Estate Investor

Today TaxMama hears from Mark in Columbus, Ohio, who has this scenario: “A taxpayer buys 3 homes in a year. None are personal residences. The first is rented. The second is sold for a profit. The third is on the market “for sale”. The taxpayer is interested in continuing to buy and sell and rent […]