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TAX QUESTION. A GENTLEMAN RECEIVED FROM THE TITLE COMPANY…

TAX QUESTION Accountant's Assistant:...

TAX QUESTION

Accountant's Assistant: What state are you in? It matters because laws vary by location.

A GENTLEMAN RECEIVED FROM THE TITLE COMPANY AMOUNT OF PROCEEDS. DOES HE HAVE TO OWN HIS HOME TO GET AN EXEMPTION. THE 250,000 EXEMPTION. HE LIVED IN THE HOME FOR SEVERAL YEARS. IT WAS HIS MOTHER'S HOME. HIS SISTERS HAD TO PAY TAX ON THE 90K HE PAID THEM....CALIFORNIA IS THE STATE

Accountant's Assistant: Has anything been filed or reported?

ONLY TO THE IRS FOR THE AMOUNT HE RECEIVED. NO BASIS NO EXEMPTION. 1099 S FROM THE TITLE COMPANY FOR PROCEEDS IS ON HIS SOCIAL SECURITY NUMBER A CPA TOLD HIM HOW MUCH TO PAY HIS SISTERS AND HE HAS A K-1 FOR THE OVER 90K BUT HE WANTS AN EXEMPTION.

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

CAN HE CLAIM THE EXEMPTION. WHAT DOCS DOES HE HAVE TO HAVE IF AUDITED. PROOF THAT IT WAS HIS HOME? THAT HE LIVED THERE FOR OVER TWO YEARS. I HAVE TAX RETURNS FOR 4 YEARS WITH THAT ADDRESS.

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Answered in 8 minutes by:
3/9/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,808
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The requirement is that you have to OWN and LIVE in the property for 2 of the 5 years immediately preceding the sale to qualify for the exemption.

Tax returns with his address do not mean he owned the property. His name has to be on the deed to show ownership.

He is not entitled to the exemption.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,808
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Customer reply replied 1 month ago
i have a question my client has a carryforward nol. will the trust income be subtracted from it.
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