MGC94
Level 7

Client sold her main home for $600,000 12/2022

Her husband passed in 2021 so she only gets the $250,000 exclusion not $500,000 

Purchased for $125,000 1/2000

66% of the home is a rental on the sch E. There is a cottage/apt/home

There are only 2 things depreciated:

Home improvements    01/01/2010           27.5/40 years            $12,750

 Rental furnishings    01/01/2009           5/9 years             $5,000

$464 deprecation a year 

There is no like kind exchange. 66% is an income producing property. apt $9,600 a year. Cottage $8,400 a year. 

 

How do I report this home sale? What do I do about the rental? Do I just do the home sale worksheet? 

 

 

If we could please just keep the comments to helping comments that would be great. If not, please just pass the post. I'd like to get this return done tonight because this lady is 81-year-old has almost a 2-hour drive here. She is spending the night at her friends down here and after she is leaving tomorrow and moving to a different state at the end of the month. Obviously, I can mail it, but I'd like to be accommodating and get it done tonight for tomorrow morning pick up. 

I really appreciate the help. Thank you 

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