FAQ Search Results

Can we move into our rental property, live there as our main home for two years, and sell it without having to pay capital gains tax?

I've heard that I can sell my rental property and use the proceeds to purchase rental property of equal or greater value and the transaction is viewed just like an exchange in that the tax is deferred until the new property is sold. Is this true?

Last year we sold a rental property, acquired a replacement property, and want to use the like-kind exchange rules under section 1031 of the Internal Revenue Code to defer the gain of the rental property sold. How do I report this transaction on my tax return?

What forms do we file to report a loss on the sale of a rental property?

What is the basis of property received as a gift?

If I sell my home and use the money I receive to pay off the mortgage, do I have to pay taxes on that money?

A property was my principal residence for the first 2 of the 5 years which ended on the date of the sale of the property. For the 3 years before the date of the sale, I held the property as a rental property. Can I still exclude the gain on the sale and if so, how should I account for the depreciation I took while the property was rented?

How do I find out if my business needs to collect sales tax?

How do I report interest income on an installment sale?

Is money received from the sale of inherited property considered taxable income?