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Investors & landlords
thanks again guys,
Your advice has proved very valuable and I am very appreciative of you spending your time to provide it. That seems like a pretty big hit. Correct me if I am wrong but it seems like if the cost basis was 50K in 1975 and we correctly carried it forward and I sold it for 300K (250K capital gains)
If I rented it for one year and lived in for two, I would lose 33% or 82K in gain and pay roughly 20K in taxes for that 1 year decision. If that was true it might be smarter to leave empty and keep as primary residence for 2 years if I was not living in it?
Darren
‎December 6, 2019
4:47 PM