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Investors & landlords
@ben.walke wrote:
My main question is, am I allowed to take the max gain exclusion (after deprivation, up to 250k, single) even though I rented rooms?
You can take the maximum exclusion of $250,000 but you cannot exclude the amount of gain due to depreciation deductions taken (or allowable), which is called unrecaptured Section 1250 gain.
Example: You have a total of $250,000 in gain and took $10,000 in depreciation deductions = $10,000 is taxable gain.
‎October 21, 2019
7:37 PM