Question
Sale of Home which includes expensive furniture
I have a client who sold their home for $1.6MM in 2022. Included as part of the $1.6MM sale were $200,000 of household items (colonial furniture, etc.). She actually has receipts for the furniture which she paid $90,000 for in the 1980s. Do I need to report the gain on the sale of the furniture separately as a capital gain....or can it be part of the $500,000 personal residence exclusion?
Any input would be appreciated.
