Taxpayer asks: If the sole owner of a home passes – is there a capital gains write off or is it lost at death? If not lost at death, is there a time limit? Taxgirl says: When an owner – sole or otherwise – of a home passes away, there’s a step-up in basis. What…
It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act (TCJA) style. If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter. L is for Long-Term Gains Or Losses….
U is for Unrealized Gains and Losses. We’re in the process of selling our house. It is not worth as much this year as it was a few years ago (this, according to Trulia and other valuation sites) although it’s worth more than when we bought it. For tax purposes, we will actually have a…