to her home on and lived there until she sold the house on

To her home on and lived there until she sold the

This preview shows page 155 - 157 out of 432 pages.

to her home on December 31, 2010 and lived there until she sold the house on January 10, 2014. Does Emily meet the ownership and use test? ¨Yes ¨No
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Income – Capital Gain or Loss; Form 1040, Line 13 11-14 If the taxpayer used the home for business purposes or as rental property, refer them to a professional tax preparer. The taxpayer cannot exclude the part of the gain equal to the depreciation allowed or allowable as a deduction. Selling Price The selling price is the total amount taxpayers (the seller) received for their main home. It includes money, all notes, mortgages, or other debts taken over by the buyer as part of the sale, and the fair market value of any other property or services that the seller received.
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