Main home sale/ rental

Where in your facts are you factoring in the step up in basis after the husband died?

And as a side note, beggars can't be choosers.  You come here several times a day with questions, so you really shouldn't lecture people on what types of comments they should or shouldn't make.  If you want only "helping comments" you really need to find someone local to help you and pay them for their time.  

---

@MGC94 wrote:

Client sold her main home for $600,000 12/2022

Her husband passed in 2021 so she only gets the $250,000 exclusion not $500,000 

 

There are only 2 things depreciated:

Home improvements    01/01/2010           27.5/40 years            $12,750

 Rental furnishings    01/01/2009           5/9 years             $5,000

$464 deprecation a year 

 

---

If I'm reading things correctly, it is not something you'll get done today.

1) $600,000 is for the entire building, right?  1/3 her home and 2/3 rental, right?

2a) What was the Fair Market Value on the date of he husband's death?

2b) Is this in a Community Property State?

3) So there is no depreciation on the original building itself?  That could be a problem (depending on your answer to #2b).  Have you looked at the two years (2000 and 2001) to check if there was no depreciation taken on the original building itself?  If not, you may need to get a copy of those two years and look (again, depending on your answer to #2b).  Depending on the answers, you may need to file Form 3115 to 'catch up' on the depreciation, which isn't necessarily an easy task.

Here's a helpful comment.  When you're in over your head, don't try to pick the color of the life preserver.

"Her husband passed in 2021 so she only gets the $250,000 exclusion not $500,000 "

There's a special rule for widowed persons who sell within a certain amount of time after death.

Read.

Sorry if that's not helpful. 😛

37 minutes have already passed. Are you still trying to complete this in record time?

@MGC94  …”If we could please just keep the comments to helping comments that would be great. If not, please just pass the post”.…

sorry Conway, that’s not how it works…. You already stated that you like coming here for other people’s research…. And you don’t even check Google for some pretty basic stuff…. 

i checked through a bunch of your posts… all about your questions… couldn’t seem to find one where you actually tried to help someone else… that’s what we do here.. help others and get help when we need it…it’s a 2 way street… so if you want to accept help you may also have to accept other people’s opinions, snarkinous  (if that’s a word) and comments

i find it laughable that you try to put deadlines on volunteers 

"Her husband passed in 2021 so she only gets the $250,000 exclusion not $500,000"

Two Years from date of death. Compare DOD and Sale Date.

"Purchased for $125,000"

Well, it would have been:

$600,000 minus basis (orig cost + improvements), so you would clearly be under $500k. But now, you have more work to do, since this is a mixed use property.

"If we could please just keep the comments to helping comments that would be great."

Here is Help: stop expecting everyone to drop their work to do yours for you. Once again, you are taxing the patience of those who took sympathy when you took over mom-mom's practice, and hadn't already gotten grounded in the Tax Regulations that apply to doing the work at this level.

Now you should see how much you need to be mentored, not over the internet, but someone in person (as you expressed is a method you like). You need to be able to know what every part of this will be, and to show your work, for your own professional status. You are signing these returns, for goodness sake! Have you no pride or shame?

"I'd like to get this return done tonight because this lady is 81-year-old has almost a 2-hour drive here."

Some people on the internet have already ended their work day. We all have differing time zones. No one here is an Intuit employee, unless you see Intuit by their username. No one here is at your beck and call or paid to "stand by to take your call."

You cannot ask to be helped the way you have begged for it, and then get mad when we want to politely draw a line in the sand for what you should expect from peer volunteers.

Wow, she's 81 years old!

That makes her a year older than the President.

(But the same age as Mitch McConnell.)

If we could please just keep the comments to helping comments that would be great

Seriously????   I'm speechless.

Your chutzpah is amazing.

Have you ever heard the one about "you get what you pay for"?

it is very clear in the IRS instructions