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re: Capital gains question on real estate
Posted on 4/26/24 at 3:52 pm to Lsut81
Posted on 4/26/24 at 3:52 pm to Lsut81
quote:
If I remember right, and I'm sure we will have a CPA correct me, you pay nothing in capital gains if you've lived in the house 2 of the last 5yrs.
I have had a CPA tell me the following of a home I have in Oxford, MS.
She said that if I buy a home and live there for five years, then make it a rental for five years, then move back into it for two years and sell, it is NOT excluded from capital gains. Is this not correct? She said I would be responsible for the gain divided by the number of years I lived there and then the recapture depreciation. It gets complicated.
1
Posted on 4/26/24 at 4:01 pm to rpg37
Frequency may be the culprit here.
Is this your first rodeo with renting a house?
If so, you need to visit with you cpa again - with the exact dates you:
Purchased the property
Day moved in
Day moved out
Started renting the property
Stopped renting the property
Day moved back in
Day house sold
Is this your first rodeo with renting a house?
If so, you need to visit with you cpa again - with the exact dates you:
Purchased the property
Day moved in
Day moved out
Started renting the property
Stopped renting the property
Day moved back in
Day house sold
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