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Updated about 4 years ago on . Most recent reply

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9
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Eva Fox
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Votes |
9
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Please help older lady with an advice on saling rental property

Eva Fox
Posted

I am coming over here for very needed   help with very difficult 

problem .

I am in my senior years .

My question is about gain taxes strategy in my  complex 

situation .

The property , condominium in prominent Hollywood CA area

was bought by mi and my ex now husband in 1996 for 90k .

I was putting a lot of money in paying it , downpayment , 

improvements , because was spoken is mine , because we already

were contemplating possibility of divorce .

In 2000 we finalize our divorce .

The same year I got married for the second time .

Unfortunately promises arround uncontested divorced with my first ex  were not kept,

and I was forced to do quiet title case , when it was decided  10% of property belonged to my first ex,

and 90% to mi .

It was complicated history of deeds ,

which I do not will describe over here .

The case of quiet title had place in 2006 . Condominium was apprised at about 300k .

For all these years till today I am the one who pays association fees , taxes , improvements .

In midtime , due to bad life turns I wrote the deed to my second husband .

About year 2010 , we started to rent the place , rent barely covers  expenses .

Few years later I got the second divorce  .

My second ex husband deed the condo back to me . 

I did not register the deed , condo remained rented ,

and my second ex was declaring taxes on it .

Finally 3 years ago I registered the deed and condo belongs 

100% to me because I also paid to my first ex his % , 33k .

I am declaring to taxes the rent for 3 years now .

At the present time condo is estimated at over 600k .

I would love to sell it . ( however I can not to do it really

soon, becase I am locked in the country on the end of the word by

pandemic , but hopefully , vaccine will be here and borders will open)

How hard are going gain taxes hit me ,how at all they will be calculated ?

With my second ex , we eventually think about mowing back

for 2 years , get married again , to get

500k extemption .

For numbers of reason it is going to be very bad financial

hit for us .

 I am living and traveling for many years out of USA .

 Besides , because we not together anymore , my second ex wants

100k for a favor , after condo sold .

I also do not have idea about depreciation taxes , depreciation which I never declared .

I also have futher questions , what to do with money after sale , but I leave it for anothe post .

I understand this post is long and probably not very clear , but I would 

appreciate any input , advice .

greetings eva

Most Popular Reply

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4,039
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Steve Morris
  • Real Estate Broker
  • Portland, OR
2,376
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4,039
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Steve Morris
  • Real Estate Broker
  • Portland, OR
Replied

Pay a CPA/Tax Person and ask them.  Getting a freebie answer here is not in your best interest.

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