I have a capital gains rental property question. If I sold a home that I rent out, am I subject to rental capital gains on the sale?
Yes. Regarding capital gains rental property, you are liable for rental capital gains. You can only exclude capital gains from the sale of your main home.
Any gain on the sale of rental real estate is subject to rental capital gains tax. However, unlike with your personal home, you can claim a loss on the sale of rental property.
How can you tell if a capital gain or loss is short term or long term? Find out more from the tax experts at H&R Block.
Learn more about section 1202 gains from small business stocks and get tax answers at H&R Block.
If you’ve contributed too much to your IRA for a given year, you’ll need to contact your bank or investment company to request the withdrawal of the excess IRA contributions. Depending on when you discover the excess, you may be able to remove the excess IRA contributions and avoid penalty taxes.
Many entrepreneurs find themselves wondering exactly how Bitcoin is taxed. Our H&R Block Tax Pros are prepared to assist self-employed filers with Bitcoin taxation.