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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- Home Sale/Farm Sale/Income Producing Property/Home Sale Exclusion
Home Sale/Farm Sale/Income Producing Property/Home Sale Exclusion
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MGC94
Level 7
04-01-2022
04:11 PM
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My clients sold home with farm for 565.000 purchased it for 425000 in 2004 they qualify for 500,000 for exclusion however is the farm consider income producing property where I can write off improvements as well as closing cost. The income is nominal probably about 1000 last year. The Improvements for the sale of the barn were 106000. Should I just write the improvements off as a loss on the farm and transfer that amount from sch F to the 1040. the client earns close to 500,000 per year.
Thanks
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dkh
Level 15
04-01-2022
05:03 PM
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What happened to the other $135,000 of the sale income...... Farm/Main Home Sale - Intuit Accountants Community
