I have a client who sold their home for $1.6MM in 2022. Included as part of the $1.6MM sale were $200,000 of household items (colonial furniture, etc.). She actually has receipts for the furniture which she paid $90,000 for in the 1980s. Do I need to report the gain on the sale of the furniture separately as a capital gain....or can it be part of the $500,000 personal residence exclusion?
Any input would be appreciated.
What was the sale price on the 1099-S?
$1.6MM
I think I found my answer....in Pub 523
Not if it was included in the sales price. Yes if it wasn't
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