Joanne M. Elsen CPA, PC
Custom Tax Service
Peggy Johnson CPA, P.C.
Worksheet to show taxpayer qualifies for the American Opportunity credit and the 529 plan distributions...
Thank you Bill & Mark
Your input is appreciated !
Is his business that of remodeling houses? If so then this was inventory and the costs should not have been written off over time but added to basis. If this was a personal purchase and a flip home the expenses should not have been written off on...
Your issue may be that it was rental property in the year of sale, so that would mean
it was the sale of "business property" and the gain is taxable. However, as Mark has pointed
out, Sec. 121 overrides and it still qualifies as the...
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