Sally and Joe owned a home on Lake Michigan and they also own a house in Florida. They had not lived in the house on Lake Michigan for the last five years, since it was too cold, and they retired to Florida. They want to sell the property in Michigan, and not pay capital gains taxes on up to $500,000 profit on the sale. Their accountant tells them they cannot take this deduction. What is the problem with the deduction?
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Home » Business » Sally and Joe owned a home on Lake Michigan and they also own a house in Florida. They had not lived in the house on Lake Michigan for the last five years, since it was too cold, and they retired to Florida.