Folks,
My client has the following scenario as described by Bill Bischoff on the website Market Watch on 10/12/19, concerning the sale of a property converted from primary residence to rental:
No tax gain or loss on sale. ...
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Gain/Loss on Sale of Rental Real Estate
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Sec 121 and the Sale of a Farm
Client sold 35 acres with their primary residence. They had leased 30 of the acres for years. They vacated their house in September of 2016 and sold it in February 2017. On page 11 of Pub 523 it states that if the property was not in business use at time of sale, or in the year of sale the gain does not need to be allocated. It is an exception which...