Cory Bousfield
Capital Gains after converting a Primary Residence to a Rental
I am wanting to make sure I understand this situation properly. Greatly appreciate the replies!During my home ownership, I have seen significant gains over 8 years. Lets say I want to purchase a new home to live in an...
Rashad Jones Jennings
What is the cutoff for paying CAPITAL GAINS TAXES
I purchased a townhouse in December of 2016. Never occupied the property, just fixed it up. Im looking to list it next week but want to make sure I am in the clear of paying capital gains taxes on it. How long do you ...
Carl Watson
Go Zone Depreciation Recapture
I have a couple that purchased a duplex in 2010: $265,000. Go zone depreciation was taken in 2010: 50% of property value. Probably land was about 10%, so the property about 238,500, thus 50% depreciation would be aro...
Kyle Fredette
Flips - holding cost financing
Hi all - I invested in a short sale home 2 years ago, which gave me immediate equity upon closing. Since then, I have added additional value through updates and repairs. I have lived at this property, so I will be get...
Ben Gonzalez
Tax on Note Income / Installment Sale
Hi all,
I was hoping I could get some general info about taxes from note income and how everyone here handles it.
I'm getting into creative financing, and plan to originate several notes (yes, I'm aware of Dodd-Fran...
Account Closed
Renting Rooms in Primary Residence
Hello everyone, first post on the website. I just recently purchased my first property in Houston (325k), 3 bedroom 3.5 Bathroom.I am a single guy, so I will be renting the two rooms of the house to two friends. Pros...
Francisco Avellan
Capital Gains Tax Avoidance
Hi everyone,
I bought my primary residence 8 months ago. I intended to live here for 2 years and then keep it as a rental property. The issue is that a train track runs behind it and the vibration is horrible (litera...
Amy Turnbull
I sold a home in another state--do I have to pay tax?
I appreciate responses about this. I don't want to get dinged next year or whenever if I need to pay sales tax. I mean, I have paid my income tax but pretty sure Massachusetts wants a piece of the action!
Danielle Smith
Searching MLS (property history question)
When searching the MLS for properties, Besides the actual number/amount how does the property history effect your decision to buy ?
Alan Duro
Need help finding solution to utilize a large capital tax loss.
Hi BP members! I had a tax question that I can't seem to find any info about online. The CPA's I've spoken with haven't been very creative in helping come up with solutions. A close friend of mine took a large capital...