asked
I purchased a condo in Florida in December 2005 and sold it this month for $49,000 more than I paid. It is not my primary residence (I reside in Buffalo, NY). As I only owned the property for 2 months and sold it for $49,000 more than I paid, what can I expect in capital gains if I don't do a 1031 exchange? I am doing a major capital improvement ($120,000) to my home in Buffalo. Can this help offset my taxes on the Florida sale? I did take out a home equity loan for $85,000 in December 2005. I don't know my tax bracket, but my annual income is approximately $100,000.
April 16th, 2023
I'm getting married next summer and have a high mortgage. How will this affect my tax refund and what can I do to ensure the right amount is withheld from my pay for taxes?
May 16th, 2024
If I used the standard deduction in 2012 with my wife (filed MFJ in 2012), can I use the unused charitable donations for 2012 on my 2013 income in addition to the charitable donations for 2013 tax return when I itemize on this return that I am now filing MFS for 2013?
October 3rd, 2024
How can I find out if someone has claimed my child on their taxes without my permission, and what should I do if this has happened?
July 2nd, 2023
Can I deduct Utah vehicle tax?
March 26th, 2024
Can my sister and I both do a 1031 tax exchange on the property we purchase together after selling our respective 2-unit homes?
December 26th, 2023