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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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Main home/ farm
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MGC94
Level 7
04-11-2022
06:45 AM
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Trying to do main home sale and income producing property sale. Here are all the facts. Before there ever was the farm it was just the house with land. Purchased for $425,000 01/2004. Sold for $565,000 12/22/21.
The income produced was minimal between $1,000-Max $2,000 a year. Only 1 thing was ever depreciated. A Tractor for $7,000.
Lots of improvements in a barn $25,000. Pool $60,000. 4 run ins $3,000. Underground elect $10,000 and more.
Taxpayer said sale of the farm would be about 30% and main home would be about 70%. So do I do a 7479 for $169,500 and do a home sale worksheet for the other 70% and say the home only sold for $395,500 when it really sold for $565,000??
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TaxGuyBill
Level 15
04-11-2022
11:10 AM
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@MGC94 wrote:
Taxpayer said sale of the farm would be about 30% and main home would be about 70%. So do I do a 7479 for $169,500 and do a home sale worksheet for the other 70% and say the home only sold for $395,500 when it really sold for $565,000??
Yes.
