Client is selling farm that he and ex-wife share. He claims property taxes and she lives in house while he lives in trailer on land. He runs the farm, claims all income from farm. Land ownership was set as joint. How would the exclussion work in this situation?
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little more info
The portion that is the farm is taxable.
How long has each spouse lived in their respective residences?
Are you saying that when they were divoroced there was no division of the farm. It seems odd to me that they would keep ownership as "joint" after divorcing, unless they were required to sell as part of the division of property. He did not get the farm and her the house in the divorce or some other designation of assets?
Each asset has to be determined seperately. -
That's what I thought, thanksComment
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