Hello, first excuse any grammar or typos! 🙂
I am looking for some help related to capital gains on a rental property I own. I have talked it a few CPAs to include mine and the answers I get are not the exact same. I have also read online to include the IRS website and I am still a little unsure.
I bought a home around 02/03/2014 for 170k. I started to rent it out 12/26/2016. So I live in it for almost 2 years and 10 months before I started to rent it.
I heard many things and the one thing I believe is true is that for capital gains I would pay on profit I made would be the difference one how much I sold it for say 270k minus the value of it when it became a rental. Is that correct?
My follow up question: Where do you get the value of the house when it was converted into a rental to do this math?
