Hello everyone. I'm trying to confirm my understanding of a less straight forward capital gains scenario than the one-time purchase and sale most deals involve.Essentially 100% interest in a condo was acquired over ti...

Client's building burned in fire.  Residential rental property.  Fire occured on 10/01/2020. Cost:  $400,000Depreciaiton:  $120,000 up to 09/30/2020Insurance paid $635,000.  Assume no Salvage value.Insurance payment w...

I am trying to understand the calculation of Capital Gains on a South Florida property I now solely own. I gained the 100% interest through rights of survivorship from two other joint tenants who have now passed. The ...

Qualifying taxpayers can claim a subtraction on their Colorado income tax returns for certain qualifying capital gains included in their federal taxable income. The subtraction is allowed only for capital gains earned...

Hi All,If someone moves into a property, (a single family - for example) that was purchased through a 1031 exchange years after purchasing it, what would the tax consequences be? To clarify: the purchaser never had an...

I'm about to close on a four-plex in an opportunity zone; is it too late to create a QOF?  What are the steps?

Yippy made some money in my first year flipping...now time to figure out my taxes.  I'll preface by saying I'm a CPA but don't let that fool you as I was just a former auditor with probably no more expertise in taxati...

I am close to closing on my first flip. I have paid mostly cash along the way (year and a half) So I am needing to keep some cash out of the 1031 exchange. My question is if I bought the house for 10k and put 30k into...

Can someone please explain how a 1031 Exchange works?