My client sold a home that he owned for 17 years in 2020. He never rented or lived in the home. I am not sure how to report this sale. 

2003 purchase price   $  49,000
2020 Upfits                  $  66,500
2020 Sale Price           $150,000
2020 Sales Costs         $      586

Right now I have it on a form 6252. However, it is not an installment sale. I hope someone can help me.

Thank you.

 

 

0 Cheers