- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
You state that your house was a rental at some point in time. Was this a rental before you lived there, after, or did you rent a room out while you lived there? The amount of profit will play into this, so the basis needs to be right.
Years ago, people would rent houses, then live in them as a main house and sell without worry about the rental. The government closed that loophole. If your house was ever a rental, you must deduct the depreciation you took while as a rental from the basis of the house. You can see Publication 523 (2019), Selling Your Home | Internal Revenue ... for details. /also, See Topic No. 701 Sale of Your Home.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 5, 2021
12:19 PM