chavon1
Level 1
12-07-2019
08:56 AM
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MFJ taxpayers have rented their former primary residence for the last 2.5 years. They would like to keep the home as a rental going forward, however they will lose their section 121 exemption at the end of this year. Can the taxpayers sell the home to an entity that they have ownership of (S. corp, LLC, etc.) to transfer basis and take advantage of the section 121 exclusion?
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Accountant-Man
Level 13
12-07-2019
08:56 AM
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No.
** I'm still a champion... of the world! Even without The Lounge.
poolcleaner
Level 9
12-07-2019
08:56 AM
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Succinct!