Question
Farm/Main Home Sale
Client owned an income producing farm. Filed a schedule F. Their farm is also their main home address. They sold for $700,000. MFJ. Sold their main home over 20 years and moved. How do I report this sale?
Home was in spouse's name, not in taxpayer's name. They file MFJ, but the house is only in the spouse's name. Do they get $500,000 exclusion, or only $250,000 because it's in her name?
