On December 31, 2013 Janice Sterwin, purchased her first home in Brentwood, NH. She paid $425,000, for 3 bedroom 2 bathroom single family home. She ran into her high school sweetheart, Jesse Schultz, a week later and they were married January 1, 2015. (Jesse moved into the Brentwood home, Janice purchased on 12/31/2013).

Janice and Jesse lived in Brentwood until December 1, 2016, when Jesse got a job and the couple relocated to St. Pete, FL where they rented a beautiful condo overlooking the Gulf. Their rent was $1400/month for a 3 bedroom/ 2 bathroom condo.

On December 15, 2016 they were able to rent out the Brentwood property for $2100/month to a nice couple and their 2 children. The property was rented until June 30, 2017. Total depreciation taken by Jesse and Janice during the rental period equaled $7,000, and expenses equaled $1,850.

On July 1, 2017 Jesse and Janice sold the Brentwood home for $580,000, net of selling expenses. Janice and Jesse received a 1099-S for $580,000, for the sale of their home and are looking for guidance on how it impacts this on their 2017 return. Their combined AGI for all tax years is $225,000 and they file married filing jointly.