Albert T asked:


I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.

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Eugene D asked:


My deceased mother-in-law’s house which is in a “complex trust” dated back to 1992 is to be sold. Is there taxes to be paid (capital gains) on the sale? Thanks!

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FineArt1983 asked:


A lien was recently [July, 2007] placed by the IRS against a piece of Real Estate in New York that is owned by an Estate that I am the Executor of.

How long do I have from the time the lien was placed by the IRS to the time that the IRS forces the property for sale or auction? If the property is forced for sale or auction by the IRS is there some type of redemption period that I have?

The Estate does not want me to sell the Real Estate.
The estate will be able to pay the IRS what it owes within three months. Do I have that much time before the property is placed to auction or sale?

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Jerry K asked:


I sale real estate on my own and I did not make a sale this year. Can I use the expenses to off set my personal income from a regular job?

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curious girl19 asked:


lets say you enter an assignable contract on a home at 100 k, assign it to someone at 200 k, and the difference is cut back to you at closing, do you have to pay tax on that $100,000 profit? if so, what kind of tax is it called and how much as a dollar amount and what is the typical percentage? use the example above to explain if possible.
thanks a lot

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DJP asked:


I plan on getting a real estate license for the education and qualification when managing my private real estate investment career.

Where/how do I deduct these costs on my taxes? Eventually I’ll set up a real estate company where I could deduct them, but that won’t be set up for a while.

Thanks.

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mainlandd asked:


I am considering selling a beach house and buying another beach house. I would realize about a $500K capital gain on the house I sell. If I buy another beach house with the proceeds of the sale, will I be liable for capital gain taxes when I roll the money into a purchase of like kind?

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