I understand what you said but I think it's to broad of a statement because selling of your home residence can incur capital gains if it doesn't fit into the rules that exempt it. The problem I'm having is the property sold was my home for many years prior before converting to a rental property. Realistically, probably better to sell your home outright to get the exemption of capital gains and then invest in a rental property. My situation was a forced one due to 2008 mess but I don't advise doing it just so you don't lose the capital gains exemption on your personal residence if you didn't live in it 2 out of the last 5 years prior to the sale. Now I'm caught with a sale that encompasses deductions during owner occupied periods vs when it was a rental to report the capital gains from the sale. I don't see any Turbo Tax program so far that handles this well and support is telling me to enter things in the rental depreciation that are not properly reported there.
