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What is the tax implication of selling a rental condo and if your spouse is a real estate professional ? We have had the condo for 5 years and lived in it for 2.
We have owned a condo for > 5 years. The last 2 years it has been a rental property ( investment property). Under normal circumstances, we would get the capital gain exclusion of 500K.
However, my spouse is classified as a real estate professional and we are married/filing jointly. Does that mean we lose the capital gains exclusion ?
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June 6, 2019
1:51 AM
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Investors & landlords
No, you can still get the exclusion, but you will need to recapture the depreciation you took while it was a rental.
June 6, 2019
1:51 AM