Revere
Level 3
10-23-2023
05:29 PM
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Good evening,
Need guidance. I have a client (married) that sold his primary residence/rental. He has a multi family property. He lives on first floor and rent 2nd floor. After all expenses, they made a profit of $500,0000. How do I report sale of his primary residence and of the 2nd floor. Do they qualify for the home sale exclusion? Do I use sale of home worksheet and sale of business property? Please help.
Thank you