Christine384
Level 2
12-07-2019
04:54 AM
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S corp. Rooms all used for dress making and client appointments. bought in 2000 sold in 2017.
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TaxMonkey
Level 8
12-07-2019
04:54 AM
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Its unclear what you are trying to accomplish. You stated the s-corp reported the sale and the gain flowed to her on the K-1. Why do you want to report the sale again on her personal return? Did she received a 1099-S?
abctax55
Level 15
12-07-2019
04:54 AM
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Good deciphering of a "less than clear" post.
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Christine384
Level 2
12-07-2019
04:54 AM
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She was unhappy with the results of the Corp. gain on the sale. She found an accountant who was going to change it to a personal residence with no gains. I am no longer her accountant. I just wanted some feed back to see what I may have missed. Yes she got the 1099-S in her personal name. For 18 years the business took depreciation and all expenses in the home. I don't see how it could not be a gain in the business.
IRonMaN
Level 15
12-07-2019
04:54 AM
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I'm thinking it's kinda hard to say personal residence if they never lived there ---------------------- especially if it was owned by an S corp.
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Christine384
Level 2
12-07-2019
04:54 AM
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House deed in her name and not the corporation. Thanks for comment.
abctax55
Level 15
12-07-2019
04:54 AM
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But you DID say "she never lived in it...."
HAS it been depreciated in the S-corp?
HAS it been depreciated in the S-corp?
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Christine384
Level 2
12-07-2019
04:54 AM
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Yes everything went through the business. She found an accountant who was going to just put it as a personal residence sale.
abctax55
Level 15
12-07-2019
04:54 AM
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I suspect that, since the "deed was in her name" SHE got a F 1099-S in HER social showing the gross sale.
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