Regulation Section 1.121-1 allows no allocation of basis if the part of the home used for business purposes is within the same dwelling unit.
A taxpayer owned a property for more than 5 years, and rented only for one year but lived for other years. At sale, can I apply the reg. and use 121 exclusion for the total gain, except for depreciation claimed?
A taxpayer owned a property for more than 5 years, and rented only for one year but lived for other years. At sale, can I apply the reg. and use 121 exclusion for the total gain, except for depreciation claimed?
Comment