My client sold a home that he owned for 17 years in 2020. He never rented or lived in the home. I am not sure how to report this sale.
2003 purchase price $ 49,000
2020 Upfits $ 66,500
2020 Sale Price $150,000
2020 Sales Costs $ 586
Right now I have it on a form 6252. However, it is not an installment sale. I hope someone can help me.
Solved! Go to Solution.
I would also explain that the depreciation recapture on the sale for the depreciation he never took over 17 years would decrease his basis and create a larger capital gain. Sounds like he really does not understand depreciation.