Hello, A client lived in the property for 3 out of the last 5 years and the property was rented the last 2 years before selling. She claims she was told by another accountant that the gain will be taxable. Is that correct? The tests to exclude the gain are all met. I believe the only taxable amount will be depreciation recapture?
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If clients knew everything, they wouldn't need us. Usually most of their information comes from their barber. Maybe that other accountant is a barber moonlighting as an accountant.
If clients knew everything, they wouldn't need us. Usually most of their information comes from their barber. Maybe that other accountant is a barber moonlighting as an accountant.
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