A client has a property that’s he owned for 20 years and was rented for 8 years up until end of 2016. No end of rental claim before 2017.
The property was not rented in 2017, the client remodeled the home and I believe this would be considered as personnel use. He later sold the property in May 2017.
The mortgage and...
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sale of rental property converted to vacation property
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Sale of inherited residential real property
It appears that if there is a loss on the sale (using the Dec 2009 appraisal date for cost) that it is not deductible ($39000); form 4797 will show 0 and Sched D will not be used. Correct? Thank you.
Used as rental property Dec 2009-March 2012. -
Sec. 351 Transfer / Question - Liab. > Assets
I’ve got a client who has four entities(A,B,C, and D) each with a different structure and ownership. A new entity (NewCorp) was formed in Nov. 2011 and concurrently the four existing entities transferred all assets and liabilities into the new entity. Combined, they have greater than 80% control of the new entity. My question is this. Entity B is...