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Turn primary residence into a rental and bought a new home. Want to know the taxes if I now sell the rental?

Turn primary residence into a rental and bought a new home. Want to know the taxes if I now sell the rental?
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4 Replies

Turn primary residence into a rental and bought a new home. Want to know the taxes if I now sell the rental?

Depends on how long this has been a rental property ... ask your tax pro you are paying extra to complete your return for a what if scenario. 

Turn primary residence into a rental and bought a new home. Want to know the taxes if I now sell the rental?

No longer have access to the person who completed my return, that’s why I asked here.

Turn primary residence into a rental and bought a new home. Want to know the taxes if I now sell the rental?

So ... how long has it been a rental since the conversion ?    And did you sell any other personal residences in the last 2 years ?  

Turn primary residence into a rental and bought a new home. Want to know the taxes if I now sell the rental?

No, we didn’t sell our home just converted it into a single family rental property and that was about 8 months ago. Basically we have lived in the property 2 of the last 5 years so shouldn’t have to pay capital gains from what I have read, but just trying to confirm that true.

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