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If we converted a rental property to our personal residence for 2 out of the last 5 years, do we owe tax on the sale if it is under $500K for married filing jointly?
T-Tax is asking how many days we lived in the property vs how many days it's been a rental. We bought it and lived in it for 9 years, rented it for 11 years, lived in it for 2.25 more years, then sold it as our "primary residence". T-tax says we owe a bunch of taxes on the sale, which i assume is a straight 25% of the depreciation even though we aren't in that high of a tax bracket. Is this correct?
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‎June 1, 2019
11:02 AM