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re: Capital Gains Tax Question
Posted on 7/3/23 at 2:27 pm to WhiskeyThrottle
Posted on 7/3/23 at 2:27 pm to WhiskeyThrottle
All perfectly valid reasons for selling now! I was speaking strictly from a tax perspective. Hard to put a price on peace of mind.
Posted on 7/3/23 at 2:59 pm to GeauxGriff
Not sure it's the same situation as a rental house, but you can move back in the house for two years and establish it as your primary residence. Once that is done, $ 250k exemption if you're single, $ 500k if you're married. If that's not possible, be sure to reduce sales price by expenses paid out over the years and any improvements made. Have repair invoices and good documentation in case of an audit. Deduct closing costs of selling the property as well.
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