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Deductions & credits
I understand that income (or profit) from sale of primary residence (under $250,000) is not reported on tax return, however, can seller deduct expenses if the property was RENTAL six months before the sale? It was our primary residence until 2018 when we moved and converted it to rental.
By expenses, I mean real estate taxes, commissions paid to real estate agents, utilities, improvements or modifications based on buyer's home inspection? Legal and title fees? i
I look forward to your reply.
March 29, 2022
12:07 PM