How can I declare jointly owned property on federal income tax?
829147
The interest deduction is permitted to a person paying interest on an obligation for which he is liable.  If you and your friend own the property jointly and are both liable on the mortgage loan, you are both able to deduct the amount that you actually paid. Rev. Rul. 71-268.
73094
The 20k will be treated as income, and so you have to pay income tax on it. (both federal & state)
917401
You would have to transfer ownership of the house to the corporation. This would probably  be a taxable gain for the corporation so I don't think it would be a good idea.
965426
Go to the county office, the county secretary or clerk should be able to help you. They usually have a lot of properties left over after the tax auctions. I'm about to start purchasing some of these homes myself from different counties. I hope this helps you
170727
You are allowed to buy property.  There is no requirement to show your status for any purchase.  Financing the purchase would be more challenging since you would not be able to prove your income.
1099435
Your Non Profit Status (501C3) may afford the development to be classified under the "gift" or donation status, more information would be required to determine that question. The most accurate answer could be found on the IRS.gov web site!
812345
I'm just going off the top of my head here without looking anything up, so just use my answer as a guide and not fact.  (Because staring at the code is factual, but sometimes doesn't get you very far in thought.)\n\nThe rental property.  Chop this up into three components - land, building and personal property.\n\nLand, as you know, is not depreciable.  But it should be listed as a separate component of the sale.  \nThe building is depreciable, but will also be under an additional code section, 1250.\n\nThe general rule starts with section 1231 property.  Then, depending on what it is, it might ALSO be 1245 property or 1250 property.  But just to keep things simple, think 1245 = equipment and 1250=buildings.\n\nBoth 1245 and 1250 pretty much say this: When you sell the asset, the amount over adjusted basis, up to the extent of depreciation taken, is ordinary gain.\n\nFor example.  I bought a piece of equipment a few years back for 10,000.  Tuesday, when I sold it, it had a tax adjusted basis of 1,000 (10,000 historical value less 9,000 of accumulated tax depreciation taken).  I collected 5,000.  In this case, ALL of my 4,000 gain (5,000 sales price less 1,000 adjusted basis) will be ordinary income.  \nLet's say I sold it for 12,000.  9,000 of my gain would be ordinary and 3,000 capital gains.  \nNow I'm babbling.  But in a nutshell, you are recapturing the depreciation expense at ordinary, just like you took the expense (over time).\n1250 for buildings has something similar, but not many have that issue anymore (unless they were purchased over a decade ago or so).  There is some special additional tax on the gain or special rate.\nBut the losses are ordinary, thankfully.\nAnd I feel like I'm getting off track here, but I'm trying.  :)\n\nBut onto the land.  It depends.  And perhaps this is where saying more info is needed might help.\nIf this is a separate piece of land accounted for seperately and Mary can prove that she wasn't going to improve anything, then there might be support for the claim that it is a capital asset and the gains are capital.\nHowever, that would be really agressive to me considering it saysing "holding for future development" and if there has been anything substantial done to the property.\nIn short, you will want to check out code section 1237 for reference too although it doesn't exactly fit your problem.\n\nAnd last but not least, I'll clog this answer with an Explanation nabbed from my own stuff.  Good luck on your research and forgive me for such a lengthy answer.  Usually I hate stuffed answers.  Cheers!\n\nReal property produces capital gain or loss on its sale or exchange if it's a capital asset. The main reasons for the exclusion of real property from the capital asset category are (1) that it's property held by the taxpayer primarily for sale to customers in the ordinary course of his business, and (2) that it's real property used in his business. Code Sec. 1221(a)(1) , Code Sec. 1221(a)(2) . However, the sale or exchange of real property used in a business (including rental realty), or the involuntary conversion of such property or real property that is a capital asset, can produce a Code Sec. 1231 gain or loss. \n\nThe fact that real property is held primarily for sale to customers in the ordinary course of a taxpayer's business precludes it from being either a capital asset or a Code Sec. 1231 asset (business-use property). Code Sec. 1221(a)(1) ; Code Sec. 1231(b)(1)(B) . The factual question of whether real property was so held gave rise to intensive litigation. Cases decided under Code Sec. 1231 are covered as part of the question of what property is used in a business. Decisions delineating property that is a capital asset are covered in this subdivision. The special rules of Code Sec. 1237 , allow taxpayers other than C corporations to obtain limited capital gain as to property subdivided for sale under certain circumstance
94819
didyousearch was correct but I wouldn't advise you filling it out yourself. You need to speak to a Title Agent or real estate attorney. There are specific clauses the need to be on the deed to convey it properly for example marrital status and or a homestead clause. There are others that could possibly be needed as well.
418429
You can use 1040ES. Here is the link for the form:\nhttp://www.irs.gov/pub/irs-pdf/f1040es.pdf\n\nZhicheng Lai\nEnrolled Agent
247947
From the IRS:  \n\nThere are special rules relating to the rental of real property that you also use as your main home or your vacation home. For information on income from these rentals, or from renting at an amount less than the fair market value, refer to Topic 415, Renting Residential and Vacation Property (formerly Renting Vacation Property and Renting to Relatives).\n\nRead the entire fact sheet here: http://www.irs.gov/taxtopics/tc414.html\n\nTopic 415, Renting Residential and Vacation Property here: http://www.irs.gov/taxtopics/tc415.html
140345
On April 25, 1991, the IRS issued deferred exchange regulation-Reg 1.1031(k)-1. \n\n"No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business, or for investment if such property is exchanged solely for property of like-kind, which is to be held either for productive use in a trade or business or for investment" (1991 excerpt from the above reference IRC Section Reg 1.1031(k)-1.) \n\nThis tax code allows taxpayers to defer ALL of the capital gains taxes resulting from their sale of investment property, when they will, use a Qualified Intermediary & following the I.R.S. guidelines, use the money to buy more suitable investment property within 180 days of the close of their sale. \n\nThis means that you can reinvest the money you would otherwise have lost to capital gains tax if you will use the extra money to buy more investment property for the purpose of making more money. This can be done within and between all classes of real property anywhere in the USA. \n\nHere is a simplified example of the difference:\n   \nSelling Property Without Benefit of 1031:\n \nIf your Sale Price is:      $750,000\ness your Mortgage:          $450,000\nThis Leaves Equity of:      $300,000\n\nWith your Sales Price at:   $750,000\nand a Cost Basis of:        $250,000\nYou have a Taxable Gain of: $500,000\n\nAt the base Federal Capital Gain Tax rate of: 15%\n\nTaxes due:                  $ 75,000\nLeft for investment:        $225,000\n\nBut if you structure the deal as a 1031 Exchange:\n \nIf your Sale Price is:     $750,000\nLess your Mortgage:      - $450,000\nThis Leaves Equity of:     $300,000\n\nWith your Sales Price at:          $750,000\nand a Cost Basis of:               $250,000\nYou would have a taxable gain of:  $500,000\n\nHowever, since you will use all funds to purchase more suitable investment property, your taxable gain is: $0.00\n\nTaxes due:             $0.00\nLeft for investment: $300,000\nTax Savings:         $ 75,000\n \n(State taxes not included in the above)\n  \nThis is why 1031 Tax-Deferred Exchange is often cited as “The Best Tax Loophole Left.”
872226
Visit the official DC property tax website, not some marketing site with (probably) inaccurate and generic information:\n\nhttp://otr.cfo.dc.gov/otr/cwp/view,a,1330,q,594366,otrNav_gid,1679,otrNav,%7C33280%7C.asp
38741
None.  You're you allowed to exempt up to 250k of the gain from taxes, if you're filing single or seperately.  And 500k if you're married filing jointly.
282377
Real Estate is the hardest thing in the world.  I will need more information from you.  First off was this real estate rented?  If not you can simply claim it on your 1040 Schedule A.  If it was rented then you have to claim it on your Scedule E (Income from Rental Property).   If you are trying to claim this on your State taxes I will need to know what state you are currently residing in to find out if you can claim it or not.\n\nMonteverde2\nUS Army Tax Preparer
957787
You claim the rent on your income tax and pay the taxes on it.  List it as rental income.
264359
You can do it either way. You can print it off the IRS web site or your employer can get you a new one. Don't stress if you are a Little late in turning it in. The have to withhold at the highest tax rate until you fill out the  4-w telling them otherwise
434134
See, there are lots of issues which determine the taxability of capital gains under I T Act1961 .You have not given complete detail.\n    Presuming , its a residential property, then first the compuation has to be done by taking the Indexation method . Find out the date of purchase of the residential property and cost as on that date. If it was purchased before 1984, then market value as on 1.4.1984 has to be taken as cost and then indexation has to be applied.\n    This way, capital gains has to be computed. If there is capital gain is there, you have following option\n   1. Purchase /construct a residential house within two years of the amount equal to long term capital gain.\n   2. If you do not want to purchase immediately, but plan to purchase within   3 years, deposit the amount of capital gain in SBI or other bank in Capital Gain Account scheme , before filing return of income.\n  3. Under 5EC of the I T Act, there are capital assets in which if capital gains are invested for at least  three years, then the capital gain is exempt from taxation.\n\nHope your