Discussion:Sell beach home after converting to primary residence for 2 years
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Discussion Forum Index --> Basic Tax Questions --> Sell beach home after converting to primary residence for 2 years
Discussion Forum Index --> Tax Questions --> Sell beach home after converting to primary residence for 2 years
| 13 January 2008 | |
| If this beach property has been treated as rental property and reported on schedule E then converted to primary resendence for 2 years then sold and 121 kicks in and pay the unrecognized 1250 gain, How do we get the property closed out of the schedule E | |
| 13 January 2008 | |
| not "unrecognized gain" - the amount post 5/97 is recognized. | |
Death&Taxes (talk|edits) said: | 13 January 2008 |
| Kevin: your fingers are flying too fast out in those woods: 5/6/97 is the date, I believe. I was going to edit it but thought perhaps you knew something I did not. Your suggestion has me interested in adding the reference to my shelf. Since the advent of computer taxes, I don't think any form causes more confusion since most software links items to 4797 and little original entry is done, yet those links are only as good as the person making the entries.
Wayne Hebert, who seems to have found Dorian Gray's secret, did a wonderful segment on 4797 [titled 4797, This Stuff Goes Where?'] in Atlantic City this past week, and in another tie in to another of these discussions Discussion: Depreciation recapture on 15 year commercial building (ACRS, 3-1-84), mentioned the ACRS 1245 trap again. btw, Jerry Riles didn't do the second day because he attended LSU's coronation the night before! | |
| 13 January 2008 | |
| Thanks, David, I was typing faster than thinking.
The guys at NCPE are my role models. Very good material, very top rate education. | |
