Comments for Fast House Buyers

Comment on if you loose money on the sale of a house, does can the loss be a tax write off? by kathykoul

kathykoul — Tue, 30 Aug 2011 03:58:16 +0000

Bostonian offers the best answer and explanation. As to the rent – on your Schedule E you enter only the amount of rent received – so if you didn’t get it you don’t report it. It’s not a deduction – it’s less income.

Comment on if you loose money on the sale of a house, does can the loss be a tax write off? by PelMel

PelMel — Tue, 30 Aug 2011 03:03:57 +0000

If the house was your personal residence, then you cannot deduct any loss on the sale. If the house was a rental, then the loss might be deductable. Missed rental payments aren’t written off as any sort of loss–but they will be reflected as less income reported on Schedule E.

Comment on if you loose money on the sale of a house, does can the loss be a tax write off? by bostonianinmo

bostonianinmo — Tue, 30 Aug 2011 02:22:42 +0000

For a personal residence, no there’s no writeoff for a loss on sale.

For a rental, yes you can have a capital loss, however do NOT forget to recapture your depreciation. You could sell for less than you paid for it and still have a taxable gain because of the depreciation recapture! (Been there, done that!) Also, the amount of any mortgage on it is irrelevant to the gain or loss.

You don’t get a “deduction” for unpaid rent. But you don’t pay tax on rent you never received so I guess you could call that a “deduction.”

Comment on if you loose money on the sale of a house, does can the loss be a tax write off? by snoopysmaster_001

snoopysmaster_001 — Tue, 30 Aug 2011 01:39:18 +0000

the lost money on the sale of the house can be counted. as for the late rent payment if you didnt receive it in 2007 then you should have never included it in your total income.however if you receive it late in January you will have to add it with 2008′s total income figures.

Comment on if you loose money on the sale of a house, does can the loss be a tax write off? by robert r

robert r — Tue, 30 Aug 2011 01:06:19 +0000

schedual a &b under capital gains and losses long form 1040 read it all and file it in the proper locations, it will be a long term gain for your wallet

Comment on How do I claim the sale of my mothers house on my taxes? by Bobbie

Bobbie — Mon, 29 Aug 2011 17:09:25 +0000

The executor or administrator of the estate should be able to help you with some useful information about the sale of your deceased mother house.
But if the sale was completed before the house was used as a business property and not too long of period after your mother passed away you would use the schedule D of the 1040 tax form for this purpose and report the transaction using the information from the 1099-S in part I line 8 asset held more than 1 year.
Use the search box at the http://www.irs.gov website for the Schedule D and use the instructions for the schedule D that is available for this purpose.
Business use property would be reported using the form 4797 and then you will probably need some professional assistance with this matter.

http://www.irs.gov/instructions/i1040sd/index.html

http://www.irs.gov/instructions/i1040sd/ch02.html

Specific Instructions
* Lines 1 and 8
Column (b)—Date Acquired
Column (c)—Date Sold
Column (d)—Sales Price
Column (e)—Cost or Other Basis

http://www.irs.gov/instructions/i1040sd/ch02.html#d0e960

Column (b)—Date Acquired
If you disposed of property that you acquired by inheritance from someone who died before 2010, report the gain or (loss) on line 8 and enter “INHERITED” in column (b) instead of the date you acquired the property. If you inherited the property from someone who died after 2009, see Pub. 4895.

http://www.irs.gov/instructions/i1040sd/ch02.html#d0e998

Column (e)—Cost or Other Basis
The basis of property acquired from a decedent who died before 2010 is generally the fair market value at the date of death. See Publication 551 for details. If you sold property that you inherited from someone who died after 2009, see Pub. 4895.
Hope that you find the above enclosed information useful for your situation and good luck to you.

Comment on How do I claim the sale of my mothers house on my taxes? by Bostonian In MO

Bostonian In MO — Mon, 29 Aug 2011 16:15:43 +0000

You will need to know the value of the home on the date of death to start. Normally if you sell shortly after death, the selling price will be close to that value so the gain will be minimal to non-existent. Your basis will be that value, and any gain will be the difference between your share of the basis and your share of the gain on the sale.

The executor of her estate should have the information on the value of the home as of her date of death. You’ll report your share of the sale on Schedule D on your return. This can get tricky in some cases, so professional assistance may be in your best interests.

Comment on What are the tax implications from receiving proceeds from the sale of a house that was left as inheritance? by acmeraven

acmeraven — Mon, 29 Aug 2011 06:56:04 +0000

You need to know the date you inherited the house and its dollar value at that time. If you kept it over a year then any gain would be long term which is 5% in 2007. Example; you inherited a house over one year ago that was worth 100,000; you sold it for 120,000; thereby giving you a long term gain of 20,000 that has to be included on a sch D with your tax return. The 20,000 would only be taxed at 5% this year.

Comment on What are the tax implications from receiving proceeds from the sale of a house that was left as inheritance? by NGC6205

NGC6205 — Mon, 29 Aug 2011 06:31:01 +0000

Whenever you inherit property in the U.S., the property’s value for capital gains purposes is “stepped up” to the value at the date of death. For example, your relative bought a house 40 years ago for $25,000. At the date of their death, suppose it is valued at $250,000. That will be your “basis” in the house. If you sell it for $260,000 after fees, then you will owe taxes on $10,000. The $10,000 should be treated as long-term capital gains.

Comment on Neighbor is criticizing my house I have for sale? by sigma_nu_texas

sigma_nu_texas — Mon, 29 Aug 2011 02:28:54 +0000

Tell him ” Hey shithead, DO you know who i am!?!? Im rich biotch, I can buy the whole street and kick you to the curb”