Why $47,000 in Capital gains? Paid $218,500 in 1994; sold it for $455,000 in 2017. Filing jointly. For 3 years, we rented it but lived there for 3 years afterwards.
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Why $47,000 in Capital gains? Paid $218,500 in 1994; sold it for $455,000 in 2017. Filing jointly. For 3 years, we rented it but lived there for 3 years afterwards.
Why $47,000 in Capital gains? Paid $218,500 in 1994; sold it for $455,000 in 2017. Filing jointly. For 3 years, we rented it but lived there for 3 years afterwards.
The depreciation must be recaptured from the period when the home was used as a rental property, that amount must be reported as gain regardless of whether you qualify for the primary residence home sale exclusion.
Why $47,000 in Capital gains? Paid $218,500 in 1994; sold it for $455,000 in 2017. Filing jointly. For 3 years, we rented it but lived there for 3 years afterwards.
The depreciation must be recaptured from the period when the home was used as a rental property, that amount must be reported as gain regardless of whether you qualify for the primary residence home sale exclusion.
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