NIcholas Hamel
Capital Gains on your primary residence?
Hey everyone, had a debate with someone recently and I wanted to verify with all of you. I was told you have to pay capital gains tax on your primary residence and that you can only do a one time tax break to avoid i...
Bob Willis
Use of property purchased using 1031 funds
Hey All - I currently live in Nebraska. I own a couple of properties in Arizona that were purchased using 1031 funds and are being used as rentals (one LTR, one STR). I have held both for a number of years. My wife an...
Will B.
Taxation of Unrecaptured Section 1250 Gains
Hello!Set of facts:- Lived in a residential unit as a primary residence for a number of years.- Converted to rental and depreciated it for 2 years.- Sold in 2023.- Purchase price: $250k- Sale price: $350k- Depreciatio...
Jonathan Greene
Why The New Mandatory Buyer Agency Agreements Are Going To Help You as an Agent
We all know what happened on August 17th because of the NAR ruling and lawsuit. To show a home, you must have either a non-exclusive buyer agency agreement (a one-off) or an exclusive buyer agency agreement signed wit...
Dakota Mivshek
Gifts and Tax Implications
Question on Gifts and taxes. I have a client, whom has parents willing to gift ~$100k. I understand that the annual exclusion per year is $14k; could you help me understand what this estate tax lifetime exclusion is a...
Heidi Wilson
Access to pro area via app
Hi there, I am a pro member but can’t seem to access the pro area of the site via the app. Am I missing something?
Greg Martin
Decpreciation Recapture question
Hey everyone,This is probably a basic question, but I couldn't find an answer on here. I came across a seller who wants to sell her property, but she thinks that she can't sell for some reason. She said that a CPA a...
David Beadles
What to do with Primary Residence?
Hi everyone,Our purchase offer was accepted for a new primary residence and we need to decide what to do with our current 4BR/3BA home. We did some remodeling and are sitting on at least $200k of gain if we sold today...
Thomas Hart
Primary residence exemption on two properties
So the situation is my wife and I both owned houses before we got married and I believe we both would meet for two out of the last five year resident test. Can we both use 250 K exemption on our individual properties ...
Evan Loader
Need a CPA for Foreign Earned Income and who deals with K-1
I have a somewhat unique situation where for all of 2019 I earned my W-2 income overseas(in Bahrain) is working as a civilian defense contractor supporting the US Navy. I will qualify for the Foreign Earned Income Exc...