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 claimed on schedule E at end of 2016 or 2017.
The property was not rented in 2017, the client remodeled the home and I believe this would be considered as personal use. He later sold the property in May 2017.
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Sale of rental property converted to personal in year of sale
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Sale of rental property converted to personal in year of sale
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 claimed on schedule E at end of 2016 or 2017.
The property was not rented in 2017, the client remodeled the home and I believe this would be considered as personal use. He later sold the property in May 2017.
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Section 121 - Change In Employment
Taxpayer owns a home for 1 year and then is transferred to a different work location. The house is vacant for the next 3 years. The taxpayer moves back in for 6 months and then sells the house for a $100k gain. Does Sec 121 exclude the gain from income? Here are my thoughts:
A) TP does not meet the Use rule (main residence for 2...