MGC94
Level 7

home inherited 2012 value 135,00

sold 2022 325,000

Selling expenses/closing costs/repairs over the years $39,000

Live in NJ. Home sold in AZ. Do they need to file AZ tax return?

The husband did most of the work. What do we do about labor costs?

Taxpayers question to me: Can we count rental of equipment to remove bushes, maintenance on palm trees, labor to do the work.  The amounts we gave were for the actual products.

 

Thank you for your help! With the gain at $135,000 they are owing about 20K

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