I'm a full-time resident of FL.
Friend, who was not related, lived in the house full time 2014-2024. They remained unemployed or under-employed; never made enough money to afford rent or file taxes. I had purchased the house to enable them to get back on their feet. Their goal was to eventually buy the house at cost from me; it didn't come to fruition. They did finally get a job and moved across state.
Significant renovations were made (insulation, windows, flooring, bathrooms...). Subtracting the capital improvement costs I calculated a $97,064 capital gains and paid NY $ 10,590 in estimated taxes on the day of closing.
I did visit the property several times to check up on friend and property. I never lived there except for several weeks when I was preparing it for sale. I was never able to take depreciation on the property since it was never a rental.
Other than the capital improvements, purchase and sale fees/costs is there anything else to decrease my capital gains???
