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.Several Years Ago I Owner Financed A Piece Of Investment Property. I Used IRS Form 6252 To Report Installment Sale Income For Capital...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Anytime you have a capital gain, it ends up on Schedule D, but you have to take several steps to get there. Use the 6252 to record the payments received in the final year, and transfer the taxable gain to Schedule...   Read More
I Bought A Stock On 3/14/17. They Were Bought Out In January. All Cash. I Received A Tender Offer E-mail From Fidelity Early Today. The...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Unfortunately not. This is a transaction over which you have no control. It will be a ST gain or loss.   Read More
Am I Liable For Long-term Capital Gains Tax For Foreign Capital Gains, Even Though The Money Didn't Originate From U.S. And Was Never In...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

As a US citizen or resident, you owe taxes on your world wide income, regardless of source. The exchange rate that should be used is the prevailing rate in effect at the time the funds were received, paid, or...   Read More
Family Had A Revocable Trust. The Trust Purchased A House And Used For Rental Property. Upon Death It Automatically Became An Irrevocable...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Capital gains are not considered distributable net income and would be taxed at the trust level. If it is the last year of the trust, you should pass the tax on to the beneficiaries and let them deal with the...   Read More
What Are The Tax Implications Of Making A Seed Investment In A Startup? As They Raise Money And The Valuation Increases Or They Merge Or...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

There are no tax implications of investing in a company. The amount of your investment is your basis for gain or loss when the investment is sold. In the event of a merger, buy out, or conversion of the investment...   Read More
Hello. I Am An American Who Just Sold A Small Parcel Of Land In Prince Edward Island, Canada. I Bought It In 2003 For 21,000 CAD And Sold...
User Photo Chad Hatalla
Tax Professional Level: Tax Enthusiast

First, let me preface my answer with that I understand the general requirements, but do not prepare Canadian income tax returns. Also, I am assuming that the property was not a resource or timber resources use...   Read More
How Are Bitcoin Transactions Taxed?
User Photo Randy Tarpey
Tax Professional Level: Tax Enthusiast

Bitcoin is considered property by the IRS and not currency. When you transfer bitcoin the difference in the fair market value at the time of transfer versus the purchase price or fair market value at time of...   Read More
How Do I Pay Taxes On Sale Of Deeded Co-owned Property?
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Your mother didn't do you any favors by deeding the property to you. As such it is considered a gift, and your basis is a transferred basis from her. In this case the transferred basis is the fair market value as...   Read More
If I Sell A Commercial Building, Is Capital Gains One Set Percentage Or Does It Go Up In Steps
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The capital gain rate varies with your taxable income. Assuming you are referring to a long-term capital gain, the rate can be zero, fifteen, or twenty percent. In addition, you may be subject to a 3.8% net...   Read More
My Parents Built A House In NC Ten Years Ago. My Father Died 6 Years Ago. My Mom Has Always Been A Resident Of Florida.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

First, her basis in the house depends on whether or not she was a co-owner when your father was alive. If this is the case, her basis is 1/2 of the original cost plus 1/2 of the fair market value at the time of...   Read More


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