turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Fred Carter
Returning Member

Capital Gains

There was a transfer of ownership for a property in 2017.  The remaining balance was $37K.  This was considered the purchase price.

 Is there capital gain to the seller?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Anonymous
Not applicable

Capital Gains

There was a transfer of ownership for a property in 2017. The remaining balance was $37K. This was considered the purchase price. Is there capital gain to the seller?

what do you mean by remaining balance? remaining balance on what? what type of property.  who was it sold to? was it sold at fair market value.? was the buyer related to the seller?  how? as you can see we are going to need a lot more details on what occurred to answer your question.  it is possible that even after you answer these questions more information may be required.

here's a generality. the sales price is the sales price on whatever document there was for the sale.  the seller compares it to his basis.  (basis would include selling expenses)  a gain is taxable. a loss may not be deductible if it involves personal property not used in a business.  this could be a home, a car, etc.  even business property sold at a loss won't be deductible if sold to a related party.   

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies