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R
Revere
Level 3
October 23, 2023

sale of home/rental

  • October 23, 2023
  • 2 replies
  • 7 views

Good evening,

Need guidance.  I have a client (married) that sold his primary residence/rental.  He has a multi family property. He lives on first floor and rent 2nd floor.  After all expenses, they made a profit of $500,0000.  How do I report sale of his primary residence and of the 2nd floor.  Do they qualify for the home sale exclusion?  Do I use sale of home worksheet and sale of business property? Please help.  

Thank you

 

    2 replies

    Jim-from-Ohio
    Jim-from-OhioIntuit Community Champion
    Intuit Community Champion
    October 24, 2023

    when the property was first placed in service there should have been so much assigned to the rental property as the  fixed asset for Schedule E.  The remainng basis would be considered personal and not part of the depreciable asset.  When this property sold I would allocate part of the sales price to the personal residence and part of the sale to the rental property. 

      T
      Terry53029Intuit Community Champion
      Intuit Community Champion
      October 24, 2023

      As Jim said you allocate the sales price between rental and personal. Your client is entitled (provided he meets all requirements) to sec 121 exclusion on the personal portion of the sale

        R
        RevereAuthor
        Level 3
        January 9, 2024

        Thank you

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