Matt W.
Help me understand depreciation recapture!
Hi BP,
I wanted to post to make sure I'm understanding the depreciation recapture process using an overly simplified example. I'm leaving out deductions for closing costs, maintenance, repairs etc.
Say I buy a hou...
Curtis H.
Capital Gains on Primary that turns into a rental?
Quick question, If I have a home that I lived in for two years and then moved to another home (while leaving the first as a rental), have I lost the chance to sell the first home without capital gains tax since it's n...
Troy Elston
Converting private residence to rental property
I'm having a difficult time calculating tax gain/loss from a property sale and was wondering if someone could help me with calculations.Purchased Home in 2005 for $145500Converted personal home to a rental property in...
Jason Maestas
Help! Denied a Cash Out Refi Using Capital Gains Income.
Hi BP,I am trying to do a cash out refi on a single family property which I purchased cash and renovated. My primary source of income is capital gains income through flipping. I was told by a lender that I cannot use ...
Sergio Rodriguez
Should I owe Capital Gains Taxes if I lived in the house 3 years then leased 2 years?
Hello Friends, I purchased a house in 2017 and lived there for 4 years as my homestead's primary residence. Following that we moved out and turned it into a short-term vacation rental around April 2021 and the last ye...
Freddy Neuhold
Recently married capital gains tax - I'm a citizen, my wife isn't
I am selling my primary residence in San Antonio, TX. My wife is Filipino and not a citizen of the US currently, we married in September of 2023.My question: While we've only been married for 5.5 months, can we qualif...
Patrick GRibbin
unrealized losses from previous tax years
Just trying to figure out where unrealized losses play into capital gains when an investment property is sold. My wife and I have been over the $150k limit the last few years and have not been able to claim any losses...
Terry N.
Capital gains tax estimator?
Is there a calculator for estimate capital gains tax? I’ve heard 40% of profits as a general rule. I understand there are several variables. Any help appreciated. Thx!
Craig Cost
Tax Penalty for Flipping in Ohio
Does anyone know if there may some sort of tax penalty for buying and selling the same house, in the same year, in Ohio?
Mike Jay
Becoming a licensed contractor for permits only
Hello community,I've flipped a few houses/buildings and gutted them down to the brick walls and never pulled permits and thankfully didn't get caught(was up to code)I can't pull permits cause I have no license but I c...