1
vote
1answer
42 views

1031 Exchange and Taxes?

We were given a property by my father in 2001 who was doing a 1031 Exchange on an investment property. Once we were given the deed and title of the property a year later, we started using it as a ...
2
votes
1answer
38 views

UK Ltd taxation on stocks/bonds income and real estate rent income

If I got it, the main tax an UK Ltd has to pay is the corporate tax, which is about 20% of the total income of the company. This income include income derived from bonds, stocks, mutual funds ...
1
vote
1answer
73 views

How to find out what Capital Cost Allowance would apply to the condo I invested in?

In this example to claim Capital Cost Allowance on the CRA website, how did the person Gwen come up with an amount of 1200 for the first year? I have a condo that I rent out. I claim my expenses ...
0
votes
1answer
66 views

Hidden downsides of real-estate property tax appeal?

My real-estate lawyer sent me an offer to file a tax appeal on my behalf. I will have to pay some percentage from the tax savings if appeal is successful and my taxes are reduced and won't have to pay ...
5
votes
1answer
409 views

Tax implications for buying property in another country

Are there are tax implications for buying an apartment in another country (as a US resident with Green Card)? Does the IRS require to pay taxes in the country in which you live or do you pay property ...
0
votes
1answer
85 views

Is money from selling an investment property taxed at the marginal rate?

If I sell my condo (an investment property, not my primary residence) then I imagine I need to pay tax (provided I make a profit). If I don't make profit, can I use the loss against my salary income ...
1
vote
1answer
293 views

Gift Tax owed on the transfer of a Home Equity Loan

I'm in a bit of a conundrum here: My sister owns an investment property outright (no loan on it...) She lives with me in my primary residence. Now, my family and I are moving to another house, with ...
2
votes
2answers
284 views

Should I pay off more of my principal before selling my house?

If I'm selling my home for a profit, does it make sense to pay more off the principal before doing so? On one hand, it seems a greater percentage of the sale would go to you, but on the other hand, ...
1
vote
1answer
86 views

What are the tax ramifications of an Australian citizen purchasing mortgage notes secured by California real estate?

I an an Australian citizen, and I am interested in purchasing mortgage notes secured by California real estate. The payments are tendered monthly. What are the tax ramifications in the US? Is there a ...
6
votes
2answers
2k views

Tax considerations for selling a property below appraised value to family?

I own a property that recently appraised for $350,000 in the state of Maryland that I purchased for $300,000 7 years ago. I wish to sell this property for a value of $240,000. Here are my questions: ...
3
votes
3answers
1k views

What are the tax implications of selling an investment property?

I'm planning on selling an investment property (a condo in WA state). I've owned this property since 2004. I lived in it as my primary residence from 2004 to October of 2007. I'm planning on taking ...
6
votes
3answers
188 views

Is there anything I can do to prepare myself for the tax consequences of selling investments to buy a house?

I have about $500k in Vanguard funds, in a regular (i.e. taxable, non-retirement) account. I've been building these positions over the past 12 years or so. There's a chance that I'll want to buy an ...
3
votes
1answer
62 views

What are the tax implications of a normal sale of a house?

What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
0
votes
1answer
54 views

Homebuyer Credit - 2008 Installment Repayment

I bought my house in 2008. I took the $7,500 credit. I remembered that I have payed $500 each year in 1040. Now I have to fill the tax form this year. How to fill the two textboxs.
6
votes
1answer
199 views

Are commissions paid to realtors for finding tenants for my rental property tax deductable as a rental expense?

I used a realtor to find a tenant for my rental home. I paid her a commission of the amount equal to the first months rent. Is this what turbotax means by Commission Expenses "Commissions paid to ...
1
vote
1answer
73 views

Equity or alternative compensation in an LLC?

I am currently working for a real estate startup (LLC) that wholesales REOs nationwide. I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
7
votes
5answers
1k views

What is the purpose of property tax?

I currently rent, but have been looking to buy a home. I always imagined how great it would be to have a dream home, worth, say, $500K, and to have it fully paid off. My thought was the only recurring ...
4
votes
2answers
456 views

Tax implications of short sale with second mortgage?

I short sold my home this year and was told by my Realtor that the government forgives taxes which would normally be owed by selling a property for a loss. I had heard this before and assumed it would ...
5
votes
2answers
67 views

What are the tax implications of improvements to a home that's not primary residence?

How are expenses related to fixing up an investment property treated? Are they deductible? What is a qualified expense? Are they deductible from income, or only used to offset capital gains? USA ...
3
votes
1answer
101 views

Tax implications on profit/loss from selling a home that's not your primary residence?

What is the tax treatment for profit/loss on the sale of a home that is not your primary residence? Does length of ownership matter? USA rules, please.
6
votes
1answer
213 views

Rental Income and Expenses (Taxes)

My wife and I are thinking about purchasing a 2-unit building. We would live in one unit, and rent the other one out. The idea would be that down the road, we would convert the property to a single ...
8
votes
2answers
1k views

Setting up general ledger/tax reporting for a Real Estate Rental LLC in GnuCash

I have downloaded the GnuCash accounting software for use with our real-estate rental LLC, in hopes of following more universal accounting practices and determining our individual cash basis, but my ...
3
votes
3answers
2k views

Tax implications of buying the vacant lot next door?

I live in Green Bay, WI in a newer development. We built our house 2 years ago and houses are starting to go up around here. We want to buy the vacant lot next to us so we don't get any neighbors. ...
12
votes
1answer
238 views

At what point did my former primary residence become an income property?

Last year we bought another house (and moved into it as our primary residence). Rather than sell our previous house, we opted to keep it and rent it out. Since the tax treatment for rentals is ...
3
votes
3answers
194 views

What are the rules for gifting for a couple when one is a U.S. citizen & the other a Canadian?

If one spouse is American and the other Canadian, what are the gifting rules for this couple? Is the couple still limited to 26,000 or can they specify that the American is gifting 13,000 and the ...
2
votes
2answers
522 views

What should I consider when buying land as an Investment in Ontario, Canada?

I was bored the other day so I was looking through the real estate listings up in Cottage Country. I noticed a plot of 4 acres of land for sale for $30,000. I was wondering what one should consider ...