paulaandtommy
Level 1
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Solved! Go to Solution.
Labels
abctax55
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am not aware of any $ 150,000 capital gain exclusion. NMI.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
IRonMaN
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I thought maybe it was one of those trick farm questions I know nothing about :wink:
Slava Ukraini!
Slava Ukraini!
abctax55
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It may very well be....I'm not the farmin' expert.
As I said, NMI
As I said, NMI
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
itonewbie
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Gee, you got all these acronyms I need a new age dictionary. :joy:
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
abctax55
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
That's what Google is for :stuck_out_tongue_winking_eye:
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
itonewbie
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
:joy: :+1:
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
TaxGuyBill
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
As was pointed out, the Principal Residence and the associated personal-use land can potentially qualify for the $250,000/$500,000 Principal Residence exclusion.
Things that are not part of the Principal Residence, such as business/farm buildings and business/farmland would not be eligible.
abctax55
Level 15
12-07-2019
06:32 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
There IS a $ 250/500,000 exclusion for the sale of a qualified principal residence.
Is that what you are talking about? If so, how has the farm house been treated in prior years?
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"