Welcome Guest. Register Now!  


For 2016 Tax Tips For Year 2016.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-10-2017, 12:30 AM
Junior Member
 
Join Date: Jan 2017
Posts: 6
Rental property sale with no income/2 homes sold

Hello. I sold two homes this year. both could likely qualify for a primary home, but I guess since they were sold near the same time, I think I figured out you can only claim one per 24 months. One made more money so I assume I claim that as my primary residence to use without capital gains. The other was rented at nearly no gain and I put lots of money into it as it was a new home. Yard, drive, deck, put in that I think I can add that to my purchase price.

I have been unemployed for over 2 years now. I had zero income last year and now this year. I have potentially two kids I can claim, but I'm not sure how what I think is considered "long term investment" income would count with zero income. Would the kids as deductions only matter with actual income, but meaningless for investment income? I could let my ex claim them if it would be no benefit to me.

Another question to add, when I bought the house, I had a 30 day "lease option" where I put an amount down that was deducted from the official sales price. They were unsure I could get a loan fast enough. Is that amount deductible from the purchase price?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-10-2017, 03:43 PM
Junior Member
 
Join Date: Jan 2017
Posts: 6
If possible, please delete. I can see I posted in the wrong section.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
how to report sold a property used as main home and rental ojaitax Sole-Proprietorship 7 03-31-2013 05:20 PM
Inherited Property used as a rental and then sold. Skimes44 Rental Real-Estate 1 03-27-2013 08:34 PM
Can Suspended Losses from Rental Property converted to Personal Residence be released upon sale of another rental property? mountainaire Rental Real-Estate 1 04-05-2011 03:59 AM
Sold rental on installment sale finagler Rental Real-Estate 0 09-15-2009 05:34 PM
Sold rental property in non resident state adoyle1 Capital Gains 1 02-06-2009 09:03 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.