Is it possible not to have to calculate basis for a primary residence sale?
My accountant thinks that all such sales must, without exception, have the basis calculated, and non-excluded capital gain must be reported.
However, in certain situations, would it be better to report it as ordinary income, if allowed (without any basis calculation, just as a straight total sale)?
Any ideas on this? Where does it say a seller must calculate basis and report the sale as capital gain and not ordinary income?