I am selling a condo I bought for $232,000 for $235,000. The balance on my mortgage is $204,000. I am single and expect a $3,000 capital gain. What are the tax implications for this sale and will I have to pay federal taxes on my initial down payment?

June 28th, 2023

I have a tax question about the sale of a home in California. I bought a house in October 2022 for 600k, with a downpayment gifted by my parents of 225k and paid off the old mortgage with another 225k gift from my parents. I sold my old home in April 2023 for 480k. I want to know: 1) Should I wire the money to my bank account or directly to my in-laws? 2) How will I be taxed on the sale of my old home, considering it was my primary residence and I now live in my primary residence, having bought the house for 340k and sold it for 480k?

May 8th, 2023

I am trying to e-file my Federal and New Mexico tax returns while dealing with a minor issue regarding my Oklahoma tax return. I have already filed my Virginia tax return by mail and have a trivial amount of income in Oklahoma, which I do not want to file electronically. When I try to e-file my Federal and New Mexico returns, I get a message saying there is a problem with my Oklahoma return. How can I e-file my Federal and New Mexico returns without being bothered by the Oklahoma issue?

June 18th, 2024

When I completed my taxes, I made an error in my checking account to pay my taxes. Can I fix that?

June 6th, 2023

I am contemplating selling my home. We acquired it in 2017 for $625,000 and have made $20,000 in improvements. Our realtor says we should net $1,300,000 from the sale. Our taxable income from line 15 of our 2022 1040 SR was $203,563. Can you tell me what the capital gains tax would be if I were to sell?

July 31st, 2024