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Investing
Since you have lived in the house for more than 2 years in the last 5 years before the house is sold, you are eligible for the capital exclusion of $250,000 ($500,000 if filing jointly).
Please read this IRS document for more information.
You have to recapture the allowable depreciation while the house was rented and pay tax on the recapture..
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‎January 29, 2025
10:53 AM