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Can a property owned and lived in for less than 2 years be considered a business sale so the Loss can be used?

sharonvolotko
Level 1

The property was not rented.  Client lived there for 1.75 year.

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abctax55
Level 15

NO

(I'm going with the succinct answer)

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

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4 Comments 4
abctax55
Level 15

NO

(I'm going with the succinct answer)

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
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Just-Lisa-Now-
Level 15
Level 15

You cant just call something a business...what was the property used for? 


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IRonMaN
Level 15
Sounds like they just lived in it, but too short of a period to get the exclusion.

Slava Ukraini!
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Just-Lisa-Now-
Level 15
Level 15
you'd only need an exclusion if there was a profit...looks like someone is trying to get some losses?  this post makes little sense.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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