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Assuming the taxpayer owned and lived full-time in the property in which he claimed a home office deduction for the past five years, which of the following statements is correct regarding the exlusion of gain upon sale under IRC Ã‚Â§121?
A.The taxpayer may not exclude any gain on the sale of the residence because using the home as an office transforms the property from personal use to a bona-fide business use. Gains on business use property are fully taxable.
B.The taxpayer may exclude the gain on the sale of the residence but must recapture all home office deductions as income in the year of sale.
C.The taxpayer must allocate the gain that is excludable from the gain that is taxable based upon the square footage of the office as a percentage of the square footage of the entire property.
D.The taxpayer must recapture as income all depreciation allowable on the property for the previous five years the home office deduction was taken. The rest of the gain on the home is tax-free up to the statutory dollar limitations of $250000 for single & $500000 for married taxpayers.
E.None of the above is correct.
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