Customers (MFJ) sold the interest in their cooperative appartment in 2025.
Had paid about $40-K for it 10 years earlier. Sold it for $54-K.
It had been their only residence during this time. No other residence had been sold in prior two years.
Will this qualify for the sec 121 exclusion or will it be a capital asset ?
Thanks for replies.
Had paid about $40-K for it 10 years earlier. Sold it for $54-K.
It had been their only residence during this time. No other residence had been sold in prior two years.
Will this qualify for the sec 121 exclusion or will it be a capital asset ?
Thanks for replies.
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