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Details:
Bought and placed into service 2017. 50% rental 50% personal residence for duration.
Lived there with spouse until 2019 when they divorced and she bought him out.
Sold March 2023.
I have attempted to link the sale to the home sale worksheet but I get the error that this is not possible for homes with less than 100% business use. I called support and was told (after much troubleshooting) that I will have to just turn error checking off and hopefully the IRS accepts it. This doesn't seem adequate to me so my question is, how do I calculate the exclusion (even if it only amounts to $125k since 50% business use) while still reporting the sale of the business property?
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On the asset worksheet, just enter date of sale only. You then fill out the home sale worksheet with the deprecation info in section lV.
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I first want to ask you to clarify the situation: Is this all one home (one "dwelling unit")? Or it separate "dwelling units" (separate entrances, separate kitchens, etc.)?
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All one home.
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On the asset worksheet, just enter date of sale only. You then fill out the home sale worksheet with the deprecation info in section lV.
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" they divorced and she bought him out. "
You probably don't mean that, you probably mean she got the house in the property settlement and he got something else, but it's important to be precise with language.
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No, I mean she bought him out. It was not a settlement.