Hello, A client lived in the property for 3 out of the last 5 years and the property was rented the last 2 years before selling. She claims she was told by another accountant that the gain will be taxable. Is that correct? The tests to exclude the gain are all met. I believe the only taxable amount will be depreciation recapture?
If clients knew everything, they wouldn't need us. Usually most of their information comes from their barber. Maybe that other accountant is a barber moonlighting as an accountant.
If clients knew everything, they wouldn't need us. Usually most of their information comes from their barber. Maybe that other accountant is a barber moonlighting as an accountant.
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