asked

We purchased a house for $125,000 and have put $50,000 into it in improvements. We have owned this house for less than a year. If we sell this house right now for $225,000, do we pay capital gains taxes on $50,000 or $100,000? We live in Wisconsin.

November 16th, 2024

Sign Up to View Answers

Create an account to view answers and interact with the community!

Related Questions

I worked as a seasonal hire in 2010/2011 and at other retail stores for less than a month each in 2012 and 2016. I never filed taxes for these periods because I was told my tax return wasn't worth the amount I'd end up paying. What's the right thing to do in this type of situation?

October 28th, 2024

I am a US citizen working in Germany for the DOD AAFES. My 19-year-old son, a dual US/German citizen, plays World of Warcraft tournaments in Europe and the US, winning prize money. He has filled out a W-9 form for tax purposes. I claim him as a dependent. Is his tournament earnings considered foreign earned income? Should I report it on my taxes, or does he need to file his own US and German taxes?

May 26th, 2024

I am the executor of a small estate (in Trust format) for my father-in-law who passed in 2018. The Trust only had a couple of dollars in interest income in 2018 and I distributed the Trust funds to his kids in 2018. Do I need to file a 1041 for the Trust? Do I need to give the kids a K1?

April 2nd, 2024

I am 62 years old and can start collecting Social Security this year, but I want to wait a few years. I was married and divorced previously (for over 10 years) and was also widowed after a 17-year marriage. When I do decide to collect, can I claim for my own benefits, my divorced husband's benefits, and my deceased husband's benefits simultaneously?

November 22nd, 2024

I received a Notice of Lien for Unpaid Tax due to unfiled returns. I have since filed all unfiled returns and paid the State of Maryland. However, I do not remember receiving a required Nonpayment of Personal Income Tax Due notice before the Notice of Lien. How can I find out if Maryland sent this notice, and if it was sent to an incomplete address, who should I address this issue to?

June 3rd, 2024