So I sold my rental property this year. I was told that if we don't make over 80,000 per year, that we don't have to pay capital taxes on the sale of the home. Is this correct? If not, what expenses can I use to lower my taxes. We did not rent it the entire of 2021, and we spent many thousands on getting it prepared for purchase. We also had to pay off a mortgage loan on the house. Please help me have the correct info.
