The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Home sale woes||Date: 7/12/2002 7:19 PM|
|Author: buzman||Number: 60924 of 124931|
Again, I need someone to mediate.
My co-worker (HR Block grad-note I have great respect for HR Block grads) is worried that her home sale exclusion from taxation (up to 250K) will be negated since her soon to be ex depreciated part of the home as a home office deduction.
Does that negate the exclusion? I don't think it does. Wouldn't she just have to include as income the portion of the house previously depreciated.
Also, she feels very confident that she is only allowed a 250k exclusion. Even though they are still married she filed Head of Household last year so they can't file in 2002 as married/joint and get the 500k exclusion.
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