The Federal return asks for the Asset Sales Price and expenses and also the land sales price and expenses. Should enter the actual sale amount or the amount I received after paying the mortgage I owed?
Tag Archives: Federal
I sold some rental property in Jan 06. Now that it is tax time I need to some help with filing?
Posted in Land For Sale
Tagged amount, asset sales, Federal, filing, help, Jan, mortgage, price, Property, rental property, return, tax, tax time, time
Can I deduct a loss from a bankrupt home improvement contractor on my Federal taxes?
Can I deduct a loss from a bankrupt home improvement contractor on my Federal taxes?
Posted in Home Improvement
Tagged contractor, Federal, federal taxes, Home, home improvement contractor, improvement, loss
How do I calculate Federal taxes on the sale of raw land owned for 2 years.?
I purchased a raw land in Sep. 2005 only for the purpose of appreciation at $300K. And sold this land Sep. 2007 at the $310K. I have been deducted the property tax every year. I spent about $32K for the mortgage interest, and $4K for the mainenance. ( No improvement ) The maintenance was for HOA fee, irrigation fee, and Mowing & Spray. In this invetment, I got the appreication around $10K, and spent the $36K. My qustion is how to calculate basis and selling price in this situation.
Posted in Land For Sale
Tagged 300k, appreciation, Federal, federal taxes, fee, HOA, hoa fee, irrigation, K. And, K. I, Land, mortgage interest, Property, property tax, purpose, raw land, sale, SEP, tax, year
Are there still programs in effect that allow American citizens to purchase land cheaply in the Western states
In the old days there were many Federal programs in place to promote the settling of new frontiers, pioneers were enticed to move west by vast acreage of land for sale at relatively cheap prices. My questions is if any of these programs are still in place or if there is still some way to buy land out west that is semi cost friendly.
Posted in Land For Sale
Tagged acreage, american citizens, effect, Federal, Land, land for sale, new frontiers, pioneers, Place, sale, semi, settling, Way, west, western states
I sold some rental property in Jan 06. Now that it is tax time I need to some help with filing?
The Federal return asks for the Asset Sales Price and expenses and also the land sales price and expenses. Should enter the actual sale amount or the amount I received after paying the mortgage I owed?
Posted in Land For Sale
Tagged amount, asset sales, Federal, filing, help, Jan, mortgage, price, Property, rental property, return, tax, tax time, time