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Can a client take the full exclusion when selling their main home if they rented out rooms while living there and reported the income and expenses on the Schedule E?

Level 2

Any help will be greatly appreciated...

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4 Replies 4
Level 15

Possibly almost a full exclusion depending on details of rental activity.

In any case, gain attributable to depreciation allowed or allowable is taxable.


ex-AllStar
Level 2

Thank you!  Sorry just getting back to you now...I am also a Business & Math teacher...so things have been busy and are just going to get more busy...

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Level 2

Also watch out for the way the state handles the issue. (I'm looking at you, Pennsylvania.)

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Level 2

I am in Nevada...

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