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  1. William Delaney
    William Delaney

    Westwood, MA

    628 Points

  2. Clare Fazackerley
    Clare Fazackerley

    1TaxFinancial
    Cincinnati, OH

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  3. Joanne Elsen
    Joanne Elsen

    Joanne M. Elsen CPA, PC
    Phoenix, AZ

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    Custom Tax Service

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    Peggy Johnson

    Peggy Johnson CPA, P.C.

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Recent Shared Resources

NSAlert: March 27, 2015

Posted in: NSAlert

NSA MemberLink: March 18, 2015

Posted in: MemberLink

Worksheet to show taxpayer qualifies for the American Opportunity credit and the 529 plan distributions...

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Latest Discussions

  • Laurence Leppo

    RE: Sale of primary home turned rental

    Posted in: Tax Talk

    Thank you Bill & Mark Your input is appreciated !

  • Christine Freeland

    RE: Sale of some kind

    Posted in: Tax Talk

    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...

  • William Delaney

    RE: Sale of primary home turned rental

    Posted in: Tax Talk

    Lorrie, 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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