My sister and i sold a 180k condo in 2007 what will we pay in taxes?
Answers: The proper answer depends on a number of factors that you have not provided. But I would imagine that this is a property that you or your sister did not live in. Like perhaps a rental. If that is the case you will be taxed on the capital gain. That is determined by subtracting the basis from the purchase price. The basis would be your purchase price (minus any depreciation that you have taken) plus any improvements you have made and the cost of sale. Once you have determined the gain you divide that between you and your sister. I would guess that would be in halves but it could be different depending on how you held title to the property.
the 'profits' on real estate is only taxed if it was not ur primary residence/vacation place.
if it was an investment place consult a tax person to get the lowest taxes on it.
No way anyone can answer that question without knowing every detail of the transacton...and that is more info than you should make public on a message board.
See a CPA...seaonal tax preparers are simply not qualified, in my opinion, to do anything but a 1040 EZ form.
What is the approx value of a 3 bedroom 1.5 bathroom, double wide home in the chicagoland area?
Answers: No one can answer your question. What is the SF? What is the age? What size is the lot? What conditon is it in? What model is it? Is the lot rented or owned? You expect someone to give you an appraisal? Can't be done.
WHen is a room considered a "den" and is the term still commonly used today ??
Answers: A "den" is an extra room in your home, usually off the living room. It is very common to see dens especially in housing built in the 70's and early 80's. It is a term still used today, I work at an apartment complex and we have units with dens. They are basically an extra room built off the living room area.
A "den" is usually referred to a room that has book shelves in it with lots of books, sometimes a desk , sometimes a fireplace, a "study" area where a person can go to relax and let down and read or study.