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Capital Gains & Losses

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The Taxation professionals at ExpertsLand can answer your Capital Gains & Losses  questions like:

  • My parents set up a UTMA mutual fund account for my daughter at birth (I'm the "trustee"). We'd like to convert it into a 693 owned by us for my daughter's benefit. My understanding is that my daughter would pay capital gains, but that right now there is a 0% capital gains tax rate for minors. Is that correct? Anything else I need to know?
  • My Sister and I own a business together. We are both 50% members of the LLC we own. Our business involves creating designs for the webpage and running them and earning income through ads. We pay ourselves no salary and have made no "profit" for the last year (After expenses). We are both young and have only filed one tax return before and that was at the lowest possible tax bracket. If we sell our business for $2 million will we have to pay capital gains tax? The long term rate is 0% for people in the 10-15% marginal tax bracket until 2011 - and since we don't pay ourselves and earn no income elsewhere wouldn't we be in the 10-15% marginal bracket?
  • I have a question about 2012 capital gains taxes on unimproved (farm) property. The history begins about 1950 when my aunts (my fathers sister) husband acquired a total of 17/20 undivided interest in the property by both gift and succession. Over the following years My uncle paid all the property taxes and maintained the property and placed the property in joint ownership with his wife, my aunt. He also retain an attorney to initiate a quit title action. He was unable to complete this before his death in 1992. My aunt took appropriate actions regarding her husbands estate. In late 2000 she transferred as a gift the property to my brother (Max) and myself as her only living relatives as my aunt and uncle had no children. Max and I contained to pay all property taxes and maintain the property, and also defended it in an emanate domain action. In 2009 we retained an attorney to pursue a quit title action which we were granted by summary judgment. we then placed the property on the market and sold it in 2012 for $118,000.00 that was split equally between us. At the time of the gift to us by our aunt the property worth approximately $160,000.00 based on comparables.
  • i'm looking for info on the capital gains tax. i understand that if you make less than 52000 a year and you sell a property you do not have to pay taxes on the gains. Also does that only apply to federal taxes? And when does the law expire?
  • I own a law firm structured as an s-corp where over 80%of the value of the firm is goodwill. I plan to sell to the associates for about $500,000 paid out over ten years ($50K per year). I started the firm myself about fifteen years ago, making the basis zero.When I started the firm it was an LLC. We switched to S corp on Feb 1, 2010. I am the only shareholder. I will stay on as a consultant for four years drawing a salary of $65K the first year,$ 55K the second $23K the third and $19K the fourth year. Presume I have no other income. I am head of household. I am very confused about whether the sales price is ordinary income, capital gains taxed at 0%, capital gains taxed at 15% or capital gains taxed at 28%.
  • I know there is a 0% capital gains rate if your joint income is $90,000 and under but I can't find any specific information on it. I've heard it goes on Schedule D but I can't figure out where. Help

 

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