@dvdgarofalo wrote:
Thanks much.
Do you know, would I need an appraisal? Or is a CMA from a real estate agent sufficient? I am actually the agent, the owner selling it is a client. I'll be recommending an accountant but want to give him a general idea.
If the current owner has lived in the home as their main home more than 2 years of the past 5 years, they likely can exclude up to $250,000 of gain (or $500,000 if MFJ) and since the price is less than that, basis is irrelevant. (However, for that price it might be property but not a home.)
