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Deductions & credits
Hi, Thank you for getting back to me so quickly. The house was rented out as ~40% while it was my primary residence (no separate kitchen or entrance). I have not yet depreciated the house while I was renting it out (after I converted it to full rental). As I understood, please correct me here if I wrong, any depreciated amount will count toward my income when I sell the property in any case (even if i sell the house for lesser amount than I bought it, the depreciated amount will be my income). I first wanted to depreciate the house while renting it, but since it does not matter at the end I decided no to do it. Let me know what are your thought on it.
As for the timing, yes I want to sell it couple month before it's 3 years mark.
As for the profits, I expect to have ~40k after all the realtor fees are paid.
As for the timing, yes I want to sell it couple month before it's 3 years mark.
As for the profits, I expect to have ~40k after all the realtor fees are paid.
‎June 4, 2019
10:53 PM