Tag Archives: Real property law

Short Sales et al

Today TaxMama hears from Lori in Florida with a depressing question. “Can you please tell me where I would find more info on the tax implications from doing a short sale of primary residence? I have quite a few Florida clients that are doing this vs foreclosure. I know that it is cancelled debt, but […]

NJ Executors Fee

Today TaxMama hears from Barbara in New Jersey, who says. “I am the executor of my mother’s estate in NJ. I would like to take the executor’s fee that I am entitled to. I am trying to find out if her home that was just sold is considered an estate asset (that I can include […]

Need Truly Passive Income

Today TaxMama hears from Barb in San Diego, who needs advice. “I have Passive Activity Loss carryforwards. Are there any types (REITs, MLPs, etc) of publicly traded companies that have Passive Activity Income to offset those carryforwards? I don’t want to personally own income generating real estate and have to do all that work.”

Foreclosure and Taxes

Today TaxMama hears from Margaret in California, who wants to know, “Do I avoid taxes on my properties if I let them foreclose vs. a short sale? I have pulled out equity to invest and improve my properties and now I am under water big time.”

Leasehold Improvements

Today TaxMama hears from David in New York with this sensible question. “I have leasehold improvements in a warehouse I rent. The lease is five years. May I depreciate the leasehold improvements over the life of the lease, or five years? Next year, may I depreciate the improvements over the remaining life, or four years?”

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 […]

Shared House

Today TaxMama hears from Maureen in California who says. “I own a house with my 2 sisters equally since 2002. They want to buy my share out because I am getting married. Will this amount be considered taxable since we didn’t sell the house?”

Congress and their Foreclosure Fiasco – TaxMama’s Economic Idiot Award

TaxMama’s Economic Idiot Award goes the 58 Senators who voted for this plan. Speaking of wasting money. Did you follow the Congressional debates on the foreclosure crisis? [See links in Resource Box below.] What a total disappointment! Congress nixed the authority for bankruptcy judges to revise interest rates and principal on existing loans – so […]

Rent to Relative

Today TaxMama hears from Bill in California who says, “I am considering renting a home that I own to a relative. I recently read a snippet that stated ‘’…People who rent property to their family or friends can lose virtually all of their tax deductions.’’ Is this true? If so, under what circumstances would I […]

Foreclosure

Today TaxMama hears from Sasha in Georgia who tells us. “In 2007, I had a foreclosure on my condo in April. In August I filed for Chapter 7 bankruptcy. I received my discharge in December. This year, I received a form 1099-A from my mortgage company. I’m not sure if I have to declare this […]

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 […]