TaxAudit Blog

Tag: capital gains

House with a Sold For Sale Sign in Front of it

My brother's wife died and he was left with the house. He gifted (no exchange of money) me the house and I sold it. How do I report capital gains?

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Capital Gains Tax

As long as you used the home as your main residence for at least 730 days during the last 5 years, you may be allowed to exclude up to $500,000 of capital gain.

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Gold Bullion

You are responsible for paying the taxes on the amount realized in the sale. The buyer is generally not required to withhold income taxes on the proceeds.

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Capital Gains

I had investment capital losses of over 17,000 dollars, yet my Schedule D is only allowing a $3,000 loss. Can I take the additional losses in future tax years?

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Vacant Land For Sale

You can "deduct" real estate taxes paid over the course of owning a piece of land in the year the land is sold, if the land was vacant, but there is a catch.

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New Roof Being Installed

Replacing an entire roof will increase the cost basis of the home. However, any costs paid or reimbursed by an insurance are not added to the home's basis.

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three bars of gold

I am considering buying Gold Bullion. I am 68 and do not plan on using an IRA of any kind for this. What are the tax implications of buying gold?

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