Yesterday TaxMama responded to Keith in Wisconsin, who wanted to sell his home and an adjacent lot that he had paid to subdivide. Keith asked about his options when it came to selling the lots, together or separately.
Category Archives: Homeowners
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 […]
Today TaxMama hears from Penny in Wichita, Kansas, who has an excellent question. “If someone wants to take advantage of the tax credits being offered for energy efficient projects at home (like replacing a furnace or AC unit), how do they do that? “
Today TaxMama hears from Kate in Mississippi who has this problem, “I am married filing separate in Mississippi because my husband has continuously been delinquent on his taxes.buy lexapro online langleyrx.com/lexapro.html no prescription I am trying to protect myself. I have a house in my name. I bought the house. I am now told by […]
Today TaxMama hears from Tony with this story, “My friend’s mother recently sold her father’s home (he is elderly). He gave her power of attorney to sign off on everything, and she kept the proceeds of the sale.* Would this house be considered inherited property, invested property, or anything else for my friend’s mother?buy prednisone […]
Today TaxMama hears from Eileen in Portland, OR whose client was audited for her rental property, “IRS disallowed her ,000 rental loss claiming this is a Passive deduction for her.https://www.topsedu.xyz/wp-content/languages/new/build-my-resume-for-me.html IRS says she may deduct expenses only up to income on the property. True, she is not a real estate professional and she does have […]
Today TaxMama hears from the Mike in Florida, who tells us, “We received an assessment from our condo association. This assessment was to repair damage caused by hurricane Wilma when it hit Florida. Can we report this assessment as a casualty loss on our tax return? If we can, what schedules should we use to […]
Today TaxMama hears from Gina in Canton, MI, who tells us, “12 years ago, we (8 couples) bought a condo for $280,000 at Atlantic City, NJ for investment (as a partnership). Five years after that, the price dropped to $120,000. But, last year the price bounced back to $240,000. So, our partnership decided to sell. […]
Today TaxMama hears from Claudette in New York, who asks.buy Glucophage generic bloinfobuy.com 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. “
Today TaxMama hears from Val in Washington, who tells us, “This past year a relative of ours loaned us $70,000.00 to help us build our vacation home. This incredible gift of trust was loaned to us without interest. We are just finishing up the project and will repay the loan in full when we re-finance […]
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.https://www.grapplearts.com/wp-content/languages/new/writing-a-business-proposal.html I have over $250,000 in equity so I would have […]
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.https://www.quaintonhall.org.uk/wp-content/languages/new/buy-nothing-day-essay.html They intend to resell the condo as quickly as possible after purchasing it […]