Posts Tagged ‘Losses’
I sold a house CFD and got it back 5yrs later I am now reselling how do I account for on taxes?
Monday, February 22nd, 2010I bought the house (and used as a residence) for k, invested k in improvements and sold for k on the contract for deed. Over the life of the contract I reported interest income and expense but no gains or losses. Expected sale price on the current sale (convential) will be .5. Since I have not been in the house for 5 years I am guessing that I miss the exemption. What is my basis? The k that the contract was worth? My original basis? Or is there another treatment taxwise?
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Is fiance taking advantage of me? Should I buy house & not have name on deed to give him exempt tax status?
Sunday, January 31st, 2010My fiance and I own our own homes and he has an LLC with two partners. Recently we were looking at buying a new home together without selling our respective properties and both of us pulling our money together for a down payment. He informed me that he would have to have his name on the deed, without mine being on it, for a tax shelter/break because he claims exempt at work to not pay taxes because of all of the losses he has through his real estate investments and that he would have to use our home as a shelter to continue to claim exempt at work to continue to make more money for us. Is this true? would me being on the deed make that big of a difference with regards to his tax status and claiming exempt? He says we can do a side agreement stating I am owner of the home too. I told him I don’t feel comfortable with buying a home, not being married, and not having my name on the deed. He says he won’t let me hold him back so he is going to do it on his own.
