TaxConnections

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

I'm a senior unable to find work and am out of money. Remodeling and selling homes is all I have done other than a small residual. My question is about taxes if I sell two houses in one year, one with capital gains and the second may or may not be a gain.

2018 - residual income $5500. First condo sold in Colorado for a net gain of about $40,000. Bought a house in Nebraska, remodeled it and may not even break even. I don't understand this first year calculation. In Colorado the purchase date was April 11, 2017. I sold it on July 9, 2018. Is that short term or long term capital gain? Second house may have to be sold in 2018, definitely early 2019 so within the first year of ownership. If i have a net loss of $10,000, as an example, how will my taxes be calculated? Capital gains is taxed separately or added to my income, loss of second since it was held for less than one year weighed against gain of first even though it was held for over one year but less that two AND in a different state. Please give me some rough numbers and rules. Thank you.
Capital Gains Two states


Meet Leading Tax Advisors

User Photo John Stancil

Professor

Lakeland

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John Dundon, II EA

Tax Director

Denver, CO

User Photo William Rogers, CFP, MBA, EA

CEO/Certified Financial Advisor

Rancho Santa Fe, CA

User Photo Monika Miles

President

San Jose, CA

User Photo Blake Christian

Tax Partner

Long Beach/ Park City, CA

User Photo John Richardson

Lawyer

Toronto, Canada

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today