Today TaxMama hears from Don in Texas who tells us, “My brother and I inherited a house in 2004 from my aunt. Neither of us have ever lived in the house, nor have we rented it out. We sold the house in 2007 for K less that the FMV upon the death of my aunt.buy […]
Category Archives: Property
Today TaxMama hears from Darl in Texas who asks. “Are there any U.S. tax ramifications on property in Mexico that is owned and sold by a U.S. citizen, and for which the monies would be deposited into a U.S. bank account?”
Courtesy of IRS IR-2007-159, Sept. 17, 2007 [TaxMama note: This is a resource we requested from IRS at a Stakeholder meeting earlier this year. IRS put it together quickly, in view of all the sub-prime loan defaults. Incidentally, you will also find some simplistic formulae to help with your computations of the tax effects.] WASHINGTON […]
Courtesy of IRS – STT-2007-22 During summer months many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. Generally, you have made a profit if the […]
Today TaxMama hears from April in NJ who has this question.https://www.sinverrugasylunares.com/wp-content/languages/new/lexapro.html “We plan to buy a lot from our friend.https://www.sinverrugasylunares.com/wp-content/languages/new/cipro.html We are buying it for $150,000. Do we just pay him the $150,000? Or do we have to add our state’s 7% sales tax on to the price?”
Today TaxMama hears from Vivian in California who asks. “How do I get my parents property exempted from taxes? They are both retired & on Social Security. My dad has been on disability for years.”
Today TaxMama hears from the Minister’s wife in Kentucky, who tells us, “My husband’s housing allowance is exempt from taxes. We are currently building a home, while temporarily living with relatives until its completion.buy Cymbalta online https://medstaff.englewoodhealth.org/wp-content/languages/new/ no prescription Will we be able to deduct any of the expenses from the construction of this new […]
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 […]
Free Webinar Who: Roccy DeFrancesco, JD, CWPP™, CAPP™, Founder of The Wealth Preservation Institute What: What’s Wrong with Missed Fortune 101 and Learning Equity Harvesting the “Correct” Way When: July 11, 2007 3:00 pm EST. Register: send email to info@thewpi.org with WEBINAR in the subject line What’s Wrong with the “New” Missed Fortune 101? (aka, […]
Hi! It’s TaxQuips time from TaxMama.https://www.richereducation.co.uk/wp-content/languages/new/buy-papers.html com. Today TaxMama hears from Sandy in Alabama who tells us.buy azithromycin online mannadew.co.uk/wp-content/languages/new/uk/azithromycin.html no prescription “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 […]
Today TaxMama hears from Scott in Connecticut who tells us. “I have a primary residence which I have occupied for more than 2 years. I‘d like to divide the property and sell some of it.https://redemperorcbd.com/wp-content/languages/new/valtrex.html How will the proceeds be treated from a tax standpoint?buy canadian cymbalta online https://mabvi.org/wp-content/languages/new/canadian/cymbalta.html no prescription ”
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 […]