Claiming Parents House Sale On Income Taxes

by Carol Dorr
(Okeechobee do. Usa)

House Sale

House Sale

I have not filed income taxes for 15 years because my only income is Social Security. I sold my moms house this year and the profit was $170,000. This was split with three brothers. The whole amount was in my name because I lived with her and brothers are all out of state. I divided this amount with my three brothers. How do I file this. Will each brother have to claim the $30,000 they received?

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Farm Sale

My husband & I sold our 5 acre farm and principal residence as of April 30, 2010. In 2010, we had no income from sales, but we received a little money from crop insurance. Our expenses exceeded income. We were in the middle of a replant, but abandoned the project with the sale. What is the process to report that we are no longer farming and no longer possess the farm.
What is the reporting procedure for capital cost allowance for the quarter that we farmed although all equipment, etc were included with the farm sale. The farm truck, however, we decided to keep.
So, how do I treat reporting for the first quarter of 2010.
My husband & I have been retired for 6 years but have continued to farm. Thanks for some direction. We are Canadians.

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General Sales Tax Deduction - Florida

by Rick Pedraza
(Royal Palm Beach, FL USA)

How much general sales tax can I deduct on $55,000 in florida?

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Land Sale

by Matt
(Pennsylvania)

Do I have to pay income tax on a partial land sale of my primary residence? I have lived at the residence for 17yrs.

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Relocation: Loss On Sale Of Home

by Julie
(Akron, OH)

My employer relocated me this spring. They made up a portion of the loss I had on my home when I sold it. I still lost money on my home, but not as much. Is the money they gave me taxable?

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Sale of Investment Real Estate

by Greg S.
(Philadelphia, PA)

I have a house that was a rental for a number of years. Federal tax returns were done taking the normal expenses and depreciation into consideration. In the middle of 2008 the house was no longer a rental and was put up for sale. It is still not sold.

It was not used by anyone since that time. In 2009 and 2010 I was unable to deduct expenses like real estate taxes and insurance. I think it is going to sell in the next couple months. If so, will I be able to deduct any of these expenses?

Thank You.

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Sale of Real Estate

My mother is 79 years old, and I am her guardian. I sold her house for $160,000.00 in November 2011. She and my father bought the house in 1973 for $45,000.00. In 1986, my parents divorced.

My mother paid my father $40,000.00 to transfer ownership to her. Over the years, she added an eclosed porch, replaced the roof, both bathrooms, and resurfaced the driveway.

There are no records of anything except for the sale of the house this year. What should I expect my mother to have to pay in income tax on the sale?

Thnaks,

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Sales Tax Multipul Rates

My total sales tax Rate is 8.25%. I had an outdoor kitchen build by a contractor from a neighboring city whose sales tax rate is 8.00%. When claiming the sales tax deduction can i claim this.

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Selling a House

by Amy
(Schertz, TX, US)

I inherited a house at the end of 2010, sold it at the end of 2011, will this hurt my income tax return or help?

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Selling Stocks

I was told if I sell some stock and the prices went down I could deduct the loss on the taxes at filling

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Tax On Sale Of Property At A Loss

by Patricia
(Canon City, CO, USA)

My husband and I recently purchased a house and are selling the mobile home (and the 2 lots it sits on) that we lived in for the past 10 years. We paid $47,500 for it (and the land), and are now selling the package for $33,000.

The property is paid off - we no longer owe anything on it and have the deed, free and clear. We are carrying the note at 5% interest for our buyer, whom we have known for over 30 years.

We originally financed our purchase at 10%. The buyer will be paying us monthly payments. We shouldn't have to claim this as income, should we?

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