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Deductions & credits
not at all. The Home Sale Exclusion he would be entitled to based on what he provided would be 650/730 * 250,000 which is more than $200K. so except for the depreciation recapture the $55K in gain wouldn't be taxed. I also rephrased my answer in the original thread.
‎September 1, 2024
7:38 PM
35,588 Views