Bonnie M. asked
As a US citizen living in DC, I own a rental property in DC that I am selling. I plan to change my primary address to another country before the settlement. Can I avoid DC capital gains tax on the sale of my rental property by doing this, and how do I establish my new primary residence?
March 30th, 2023
Michael H. answered
No, you will still owe DC capital gains tax on the sale of your rental property, even if you are not...
March 30th, 2023
Create an account to view answers and interact with the community!
I have been contacted by phone from 2 different numbers claiming I defrauded the IRS of $6,795.00 and threatening jail time if I don't pay by the end of the day. If I fight this, they claim I owe $200,000.00. I am on social security since 1999. Is this a scam or what? I have the phone numbers.
February 15th, 2023
My two brothers and I were bought out of real estate that was in a Trust, our total buyout was for $150,000.00 with an individual earning of 50k each. What kind of tax does this fall under? Is this just income or does it fall under short/long-term capital gains? We had the property appraised and it appraised at 545k, 1/3 of that is $181k. We took 150k for the buyout.
September 24th, 2024
I give my grandchildren $12K a year. Can I deduct this from my taxes?
June 2nd, 2024
What are the reasons a person can withdraw from a 401k early, and how does it affect taxes and penalties, especially if the person is on disability and has other income sources like a lawsuit settlement?
June 5th, 2023
Is a prepayment penalty on the payoff of a commercial loan deductible as interest expense?
July 23rd, 2023
