asked
We lived in a house from 1980 to 1982 and then rented it out for the last 25 years. We recently sold the house for the same price we bought it for. Do we have to pay any capital gains tax or any kind of property tax? The house was sold last year in 2006 and we are now ready to do our income tax for 2006.
May 13th, 2023
I’m single, 67 years old, and disabled. I believe my son attempted to claim me as a dependent for stimulus purposes. He received his stimulus, but I haven’t received mine. Am I out of luck, and how can I find out if he claimed me as a dependent?
September 11th, 2023
The Internal Revenue Code was codified for the second time in what year?
May 22nd, 2023
If I sell a piece of property for $5,000,000 that has been completely depreciated and my usual tax bill is about $30,000, what would my capital gains tax be if I do not go into a 1031 exchange? What is the percentage also? In addition to the 15% tax, is there an increase due to alternate additional taxes?
November 11th, 2024
My husband and I have under contract a piece of rental property. We purchased the house and lived in it from January of 1995 until May 1, 2004. We rented/leased the property on May 1, 2004, purchased a new home, and are in the process of selling the rental home. We are to close in early December. We claimed depreciation for tax years 2004 and 2005. Is there any way we can avoid the capital gain for tax year 2006?
June 5th, 2023
Is my lifetime gift threshold of 1 million dollars per individual or a total that I could give several different people, and what is my tax liability when I gift more than 1 million dollars?
August 14th, 2024