Browse J.K.'s Answers by Category

Real Estate

1. In September 2007, I sold my home and purchased a new home in January 2010. Can I qualify for the first-time homebuyer credit?Free
2. I have to sell my home in a short sale because I can't keep up with the payments. Am I taxed?Free
3. We purchased a two-family house with our daughter. We own a two-thirds interest in the home; our daughter owns a one-third interest. Can we and our daughter each claim an $8,000 first-time homebuyer credit (none of us have owned homes before)?Free
4. My father purchased a home for my bride and me and kept title to it in order to protect his down payment. We pay all of the expenses, including the mortgage and real estate taxes. Can we deduct the mortgage interest and real estate taxes?Free
5. I am single and own a five-family house in which I occupy the first floor; the other four floors are rented out. When I sell the home, can I claim the $250,000 home sale exclusion for the portion of gain related to my part of the house?Free
6. I have rental property that I no longer intend to rent but will convert it to my principal residence this year. Is there any tax due on past depreciation?Free
7. I got married three years ago and moved into my wife’s home. She’s owned it for 8 years; I’ve never owned a home. If she sells the home and we buy a new one, can we claim the long-time homeowner credit?Free
8. I recently dumped a timeshare that I had owned for several years. The company bought it back from me for $5,000; I paid $12,000 for it. Can I deduct the loss?Free
9. My wife and her sisters inherited land from their mother who died. They plan to sell it immediately. I understand that the difference between the land's value and what is received on a sale is taxable. Is this capital gain or ordinary income?Free
10. I own a home in Michigan but recently accepted a job in Virginia. My family will continue to live in Michigan. Are my living expenses in Virginia (e.g., rent) and travel costs to Michigan and back tax deductible?Free
11. I bought a principal residence in 2001 and relocated in December 2005 because of a job change. Instead of selling, I rented it out. I continue to own this residence. If I buy a new home, can I qualify as a first-time homebuyer?Free
12. When my father died in February 2009, I inherited his home and assumed the mortgage. I have never owned a home before. Can I take the first-time homebuyer credit?Free
13. I'm purchasing a two-family home in September. I have never owned a home before. Can I qualify for the first-time homebuyer credit?Free
14. I inherited a home from my great aunt and sold it 4 months later at a loss. Can I deduct the loss?Free
15. I purchased commercial property that had a house on it. Can I take a loss for the difference between the appraised value and what I received?Free
16. I deposited $15,000 with a builder to construct a new home for me, but lost it when I couldn't sell my old home and didn't go through with the construction. Can I deduct the deposit I lost?Free
17. If I sell raw land, can I reinvest the proceeds in other raw land to defer any taxes due on the original sale?Free
18. My husband and I built a new home four years ago and sold it this year at a loss of around $35,000. My taxman said we can’t deduct this. Is he correct?Free
19. I own rental real estate and paid a plumber to fix a leaky water heater. It couldn’t be repaired and had to be replaced. How do I treat the cost of the new tank and the labor charge?Free
20. What is the proper way to report deductions when moving a home office from one home to another?Free
21. Is the interest paid on my student loan tax deductible?Free
22. If we are forced to sell our house because we've changed jobs or faced uncertain circumstances, a portion of our gain is exempt from taxes. Can you please clarify?Free
23. Will the interest on the refinanced loan on our main house be fully deductible?Free
24. Can the origination fee on the refinanced loan be used as an itemized deduction?Free
25. Does my ex-wife need to sign off on the home loan interest so that I can claim the interest as a deduction?Free