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P
Pioneer_Tax
Level 3
December 9, 2020
Question

Can a client take the full exclusion when selling their main home if they rented out rooms while living there and reported the income and expenses on the Schedule E?

  • December 9, 2020
  • 4 replies
  • 16 views

Any help will be greatly appreciated...

This topic has been closed for replies.

4 replies

sjrcpa
sjrcpa
Level 15
December 9, 2020

Possibly almost a full exclusion depending on details of rental activity.

In any case, gain attributable to depreciation allowed or allowable is taxable.

The more I know the more I don’t know.
    P
    Pioneer_TaxAuthor
    Level 3
    January 8, 2021

    Thank you!  Sorry just getting back to you now...I am also a Business & Math teacher...so things have been busy and are just going to get more busy...

    C
    Code_Reader
    Level 4
    December 10, 2020

    Also watch out for the way the state handles the issue. (I'm looking at you, Pennsylvania.)

    P
    Pioneer_TaxAuthor
    Level 3
    January 8, 2021

    I am in Nevada...

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