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Deductions & credits
@Anonymous wrote:I bought at house and lived in it for 14 months. I got a new job across the country, moved, and rented out the house for 20 months. Now I'd like to sell.
My understanding, from the worksheet in 523, is that I can take 54% of the exemption (14/24.)
You can take 54% of $250,000/$500,000.
That exclusion does not cover depreciation for the rental.
So if your gain is less than 54% of $250,000/$500,000, you will only pay tax on the gain due to the depreciation when it was rented.
March 5, 2022
1:20 PM