I live in Kentucky and bought two adjoining pieces of property three years ago. I am going to sell one piece on a land contract for a monthly payment over 15 years.
I am selling the second piece to a different buyer for cash. Only the second piece has a house.
I have never owned or sold a property before. Do I have to pay the capital gains tax on the profit of the second piece? What about the first?
I inherited land(in wv) from my grandmother, how do I calculate the inheritance tax I have to pay on it?
1.My ant is korean american. 2.to explain her status precisely, She is a green card holder but not cherished with voting rights.
3.She designated me(Konrean National) as inheritor after Her daughter(a american citizen) died in 2003.
Question:
I am wondering about inheritance tax on transfer of real easte & monetary asset to non US citizen.
Thank in advance.
I have purchased a foreclosed property and I am not sure I’ll be keeping it long-term. I may decide to sell it immediately upon fixing it up, or within 18-24 months. It is a SFR, I will not be living in it. I realize I can do a 1031 exchange, but in the event I decide NOT to reinvest all of my gain, I’d like to know about what I’ll owe in taxes. Thanks in advance for your help!
where can I find the income tax brackets?
And where can I find the short and long term gains tax rates in writing from the IRS?
Can a 1031 exchange be done for a partial amount of the gain? I.E. If I realize a $50K gain and I reinvest 25K while keeping the other 25K, am I taxed only on the portion I keep uninvested?
Where can I find this information documented?
Thanks!
how is mortgage interest and property taxes on rental/investment properties treated on your tax return? Is it deductible like on your main home? Is it only partially deductible- what percentage?
I neglected to include about $2000 in real estate taxes on 2007 return. We have someone prepare our taxes but will they charge a hefty fee to amend the 2007 return. How difficult is it for someone with no tax preparation experience to do a Fed and State amendment. Thanks.
My friend owes about $180K (since 2000) in Fed and Calif. back taxes. She was diagnosed with leukemia, and has not worked since 2000, but the governments continue to pile on late fees. She will never be able to go back to work. Do those lawyers I see on TV really help ? Does anyone know any that are good ? Are they just a sham?
Members Only, is just that.. You have to join an organization and then receive benefits from that membership. I would like to furnish information on all aspects of real estate as well as a chance to win a FREE HOME. A Home that is free and clear, with the 1st year’s taxes and insurance paid. I already have the accountant, real estate people, and company in place. New York State is the location of the home.
I need advice on what type of attorney to contact, and mainly where to find the legal ramifications. Please know that I have researched this topic extensively on line to no avail.
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How many of you out there would purchase information for a chance to win a HOME???
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Product Description
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The much touted IRS offer for spreading tax to the 2011 and 2012 taxation years is only attractive for folks earning an annual income of $145,000 or above. Is this a correct statement? Otherwise, there is no real benefits for everyone else making $145K or less. Please comment.
I received an e-mail from them,wanting me to fill out a refund form . not sure if i should open it
I thank everyone for there answers.they were very helpful.
We are selling our principal residence in South Carolina which we will have lived in and owned for about 18 months (thus short of the 2 year mandatory minimum for tax free status).
We will have tens of thousands of dollars in capital improvements (new hardwood flooring, counters, siding, deck, extensive bathroom renovation..done in 2009). We also have lots of money in repairs and painting, cleaning, yard maintenance etc.
We will hopefully sell in spring 2010.
1. We plan to make about 80k over what we bought it for.. can we deduct any of what we spent fixing it up?
2. Will we get taxed on every dollar over what we originally paid in 2008? There are no extenuating circumstances to force the move.
3. Can we deduct our closing costs from originally purchasing it?
4. Is there anything else you can tell me that might help..ie. things I CAN deduct to help me avoid some of the profit tax?
Thanks and Happy New Year!
K
I owned my car from 1995 untill 2007 when it broke down. so I decided to donate it to a charity for children with autisum. the motor was compleatly shot and they told me that they were towing it to the junk yard to be crushed. but a couple of weeks later I saw my car being sold on the street corner for $1000 dollars when I called the donation company they told me that they had paperwork that it went to the crusher so I figured that the tow truck guy was selling it under the table. Later I got a fine in the mail of $150 dollars for parking on private property to sell my car well I sent that to the donation center to let them take care on the problem that they put me through.In the end I recieved my paper from the donation company saying that I donated the car and they put it worth over 500 so I was excited to get my tax return. That year I went to 2 tax attorneys and both of them told me that I would not get a tax return because I did not own my own house. Is that true I wondered because I really lost a lot and I will never donated ever again because it is not worth the headache and I heard that the children only recieve about 5% of the profit.
i really need legal help on this. in the divorce 2002 i got a piece of property. by may of 2004 my ex had ruined my income on that property and put me in a position to sell it back to him. i agreed after stating that the only way i would was an exchange of prior marital assets so that i did not have to pay taxes on the gains of the sale. i gave my brother power of attorney to close the deal for me because i was out of the USA. somehow my ex screwed me and his attorney 1099ed me to the tune of over $100,000 to pay taxes on…to the feds and the state i owe almost $25,000.00 I don’t have the money and my acct says she sees no way that i don’t owe this. i’m not faulting her. is there anything that i can do legally about this…i am just so tired of trying so hard to do the right thing and then getting screwed any way…my ex was always stiffing the government when he really owed them..and this is one more thing he pulled on me and is laughing about. forgive me i feel sorry for myself