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Deductions & credits
So you will have capital gains on the profit, looks like 100K minus selling expenses, and then recapture of depreciation for the period it was a rental. You didn't live in it long enough to qualify for the IRC121 exclusion (living there for 2 out of the last 5 years).
That additional income will be added to your other income and may bump your other income up into a higher tax bracket.
That additional income will be added to your other income and may bump your other income up into a higher tax bracket.
♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
June 7, 2019
3:26 PM