- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
State tax filing
@chutki0700 since you rented out the house, did you take the depreciation? if no, suggest getting your taxes done locally (in CA) once you sell - the recapture tax is going to be a mess if you didn't take the depreciation.
What you really had (until you rented it out) was a 2nd home.......there is no capital gains exclusion on that. The IRS requires you to live in that primary residence for 2 of the past 5 years to take advantage of the capital gains exclusion.
Look at the bright side: you probably are going to have a gain on the sale. if so, you made money!
‎July 3, 2022
11:39 AM