NASSAUSUFFOLK

 View Only

  • 1.  Partial Sale of Residence

    Bronze Most Valuable Member
    Posted 10-01-2018 10:42 AM

    Has anyone ever had a client make a partial sale of their residence and take the exclusion on gain of sale?  I have an elderly couple who are considering making a partial sale of their residence to one of their children.  The gains on the house are well i excess of $500.000.  I am trying to determine if we can take an exclusion on the partial interest when it is sold to the son.  Any thoughts?  I would get an appraisal to prove that it is truly at FMV. They have lived in the house for over 30 years.

    Thanks!



    ------------------------------
    Paul Sadej
    CPA
    PAUL J. SADEJ JR., CPA PC
    Bellmore NY
    ------------------------------


Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.