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If I Am Reporting A Net Capital Loss (the Max Of $3000) On My Federal 1040, But That Number Includes A Capital Gain Of +$8051 That Was...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Yes, if you realize a capital gain in a state in which you do not reside, the gain is normally taxable in that state. Your home state will probably grant a credit for taxes paid to NC, assuming you live in a state...   Read More
I Received A 1099-S With Gross Proceeds For A Temporary Easement On Our Property. I Believe The Value Of Our Property Zeroes Out Any...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

You state that it is a temporary easement. If that is the case, then the income from the easement is treated as rent and reported on Schedule E. Since it is temporary, no sale has occurred, and you cannot offset...   Read More
How To Determine Basis For Inherited Real-estate LP Share?
User Photo Jorge Otoya
Tax Professional Level: Tax Enthusiast

I would be happy to assist. Feel free to contact me at your earliest.   Read More
I Am Starting A New Business (Selling Antiques).
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It is a judgement call. If you are selling the antiques through your business, they would be reported as business income. You would move them (figuratively) to the business books at your cost or fair market value...   Read More
What Is The Capital Gains Tax Improvement Threshold, How Is It Applied?
User Photo Anthony Campisi
Tax Professional Level: Tax Enthusiast

CGT is always are complex area,In relation to Capital Gains Tax (CGT) Improvement Thresholds, Certain improvements to pre-CGT assets will be deemed to be separate post-CGT assets where the cost base of the...   Read More
What Are The Capital Gains Brackets In The United States? When Are These Primarily Used?
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

The current tax brackets for capital gains are 0%, 15%, and 20%.  These are gains on the sale of certain assets by the taxpayer that they have owned for more then one year.  These types of assets include stocks,...   Read More
I Own Residential Rental Property And A Commercial Building. I Am Considering Selling The Rental Property And Investing The Profits To Pay...
User Photo Robert Ferguson
Tax Professional Level: Tax Enthusiast

The first question needing answered is the the total real cost of the rental property and the amount that has been depreciated on those costs. The total acquisition costs include not only the purchase price but all...   Read More
I Have A Few Shares Of Stock In A Particular Company That I Have Held For Less Than A Year. I Would Like To Sell The Shares And I...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

You will be taxed only on the net gain from the sale. You might even be able to get out of that if you have other losses or carryover losses from a previous year. Or if the stocks were inherited they are...   Read More
User Photo Anthony Campisi
Tax Professional Level: Tax Enthusiast

Capital Gains Tax can be a complex area, a number of assets are exempt from CGT, including your home, car, and depreciating assets used solely for taxable purposes. If CGT applies, you may be able to discount your...   Read More


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