I borrowed the down payment, because it was a very good deal. I bought from a probate/estate sale. There is substantial equity. Now I am worried about how to pay off the down payment loan, the bank mortgage loan, the cleaning/remodeling cost, the capital gains tax and still have some left to pay some of my other debts.
I heard you can take the internet stocks capital loss from three years ago, and use it against this year’s capital gains on stocks. Is this right? If so, can I use the internet stocks loss from three years ago, and use it against the capital gains from the sale of this home this year. A CPA friend told me YES. I want to make sure. Can I get the advise of the experts on this board? I don’t want the IRS to come to me asking for back taxes years down the road. Your advise/opinion is very much appreciated.
My lawyer’s fees, from another case, for the month of May, 2003 was overwhelming. My cash is being depleted. I must sell my second home now. I just bought this home in April with the down payment from my relatives. Now I must sell it. I can not even finish the remodeling which we started. We did do the clean up, and some of the remodeling. What potential problems do you see can arise when I sell this house? How to resolve them? Are there any creative ways to avoid/reduce taxes on the capital gains. I can not do 1031 because it is my own residence, and because I need the proceeds. Any other way? Thanks you for help. This house is in California.