Primary Residence Archives - John R. Dundon II, Enrolled Agent
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Primary Residence Tag

07 Oct

Posted at 00:00h in Rental Real Estate, 1031 Exchange, Basis, Capital Gain, Capital Loss, Depreciation, Passive Activity, Tax Guidance & Preparation

How to Calculate Basis of a Primary Residence Converted to Rental Property [Reg. §1.168(i)-4(b)] [Reg. §1.165-9(b)(2)] can be a nuanced and complicated question to answer as it depends on a handful of specific facts and circumstances. Many people have built impressive residential real estate portfolios...

10 Oct

Posted at 00:00h in Appeals & Audit Resolution, IRS Appeal, IRS Audit, IRS Enforcement, IRS Examination, Rental Real Estate, Tax Guidance & Preparation, Tax Problems & Requests, Uncertain Tax Position

Many taxpayers have both a dwelling unit and a principal place of residence. Understanding the difference between the two is important for a wide variety of reasons. The file that landed on my desk today involves such a matter. The taxpayer has a dwelling unit...

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