Section 121 allows a taxpayer to exclude $250,000 of gain($500,000 if married filing) joint on the sale of a personal residence that was lived in for 2 out of the last 5 years.

If you decide to sell and 1031 the into another property, you will delay the tax payment.

If you are a cash-basis taxpayer, you report what is paid in the year.

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

After my last post in this thread I received an interesting alert, that Mr Lenza was requesting to connect with me, and I had a message in my inbox.

By showing the full 1099 income on the return, it helps mitigate the risk of IRS flags or inquiries related to unreported income.However, it's worth noting that the IRS typically matches 1099 income reported by payers to the income reported on taxpayers' returns.

I definitely suggest setting up some Keyword Alerts for the topics you feel knowledgeable, so you can jump into those conversation and offer advice!

The big things is that it took a month for them to alert us that renovations never started because the foundation issue was just coming to light.

The County is proceeding with eminent domain, which will doubtless cost taxpayers more, so they can fail to operate the landfill efficiently.