Category Archives: Capital Gains Tax

Owning an S

Today TaxMama hears from Jim in Marion, Illinois, who says. “I would like to know if it is legal for an “LLC” to be an investor in an “S” corporation?”

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 […]

Capital Renovations

Today TaxMama hears from Claudette in New York, who Glucophage generic over the counter “What is the best way to put together a schedule of capital improvement expenses to offset the proceeds of the sale, if the house has gone through many renovations over the years. “

Condo Lease-A-Right

Today TaxMama hears from Marti in Los Angeles, who tells us. “I am getting married in September. I own a condo that has been my primary residence for five years. My fiance’ and I lived there together for two, but he is not on title. I have over $250,000 in equity so I would have […]

Big Gains

Today TaxMama hears from Marty in Calif., who relates. “I own a piece of land in Florida that I own free and clear and now have up for sale (as of tadalafil online no prescription 1, 2006) and the listing price is $5.74 million. It was valued at 6,000 when I acquired it […]

Convert and Flip

Today TaxMama hears from Paul in Florida, who says “I have a friend whose apartment community has been converted to a condominium. He and his wife are going to buy their unit, which has been their primary residence for over two years. They intend to resell the condo as quickly as possible after purchasing it […]

Selling Home Office

Today TaxMama hears from Ray, who tells us, “I just saw the article on deductions for a home office on Something I learned last year from my tax advisor that needs to be disclosed is that when you sell your home, you get hit with Capital Gains tax on that home office location. In […]

Charity limits

Today TaxMama hears from Carole in Hanover, PA who asks, “How much can I deduct for giving to churches without sending up a “red flag”?buy prelone canada no prescription My AGI is $88,500.” Ask TaxMama :: Where taxes are fun and answers are free IRS Publication 526 :: Special 30% for Limit for […]

Mom’s Home

Today TaxMama hears from Amy in Doylestown, Ohio, who says, “My mother wants to sign over her house and property to me as a sinequan online no prescription There are no liens on the house, no mortgages, etc. But what should I expect come next tax season; and also what should she expect?”

Stamp Collecting

Today Krishnan from the Internet is wondering. “I have a “Stamp Collecting Hobby” and spend about 00 to 00 each year. Are those expenses deductible under “Miscellaneous Expenses” when you itemize using Schedule A.”