Just-Lisa-Now-
Level 15
12-07-2019
08:45 AM
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How does IRC121 figure into this?
Do I need to divide the sales price by the number of units and allocate a % to her as her personal residence?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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PhoebeRoberts
Level 11
12-07-2019
08:45 AM
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You need to allocate using some reasonable method, yes. Then you have two sales.
Just-Lisa-Now-
Level 15
12-07-2019
08:45 AM
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thank you!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15
12-07-2019
08:45 AM
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Lisa...are all the units the same size? Is hers "bigger"?
You could also use square footage to allocate.
"*******Tax software is no substitute for a professional tax preparer*******
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Just-Lisa-Now-
Level 15
12-07-2019
08:45 AM
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I'll ask her, she's just toying around with the idea of selling.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪