JFH Posted February 15, 2008 Report Share Posted February 15, 2008 Client purchased personal residence in 1967 and lived in the home until 9 years ago when he remarried (1999) and moved into her home. For 9 years the house just stored the mans furniture and on occasion (as told to me) he would spend the night every so often when he an he new bride had a tiff! Anyway, 2007 he sells the home home used as a storage facility. I think what we have here would be a second home sale and any gain would be treated as a capital gain. Looking for some feedback. Thanks - JFH Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 15, 2008 Report Share Posted February 15, 2008 You are correct. taxbilly Quote Link to comment Share on other sites More sharing options...
Kea Posted February 15, 2008 Report Share Posted February 15, 2008 I think you are exactly correct. Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 15, 2008 Report Share Posted February 15, 2008 Capital gain, basis on the house is cost plus improvements. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted February 15, 2008 Report Share Posted February 15, 2008 You are right on the mark. Quote Link to comment Share on other sites More sharing options...
JFH Posted February 15, 2008 Author Report Share Posted February 15, 2008 Thanks guy's - I love this place Quote Link to comment Share on other sites More sharing options...
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