We acquired property in 1997. Lived in it for several years and rented it out in 2007. Tenants are still living there but will vacate in the summer (2021). We are thinking about moving back in for two years and then sell. However, after researching online, it looks like we will have to pay huge taxes on the rental years even if we live there for two years prior to selling. Can someone please explain how this will be calculated? The lingo online is confusing... the January 1, 2009 law, depreciation recapture, etc? Would it be better to just sell it now and pay the hefty capital gains tax if there won't be much difference in taxes since our property was rented out for so long. Thank you for any help. We are currently looking for a tax specialist to advise but just wanted to ask here for any personal experiences.
