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Level 2

Question

rental sale

Forum|Forum|2 years ago
September 25, 2023
2 replies
0 views

i lived in my former rental for 4 years. if I sell as my primary resident, what taxes am I liable for

Not A Product Question

Level 15

need more detail

what month / year did you move into it?

what month / year did you purchase it?

what month / year did you move out?

you must RESIDE IN and OWN the home for 2 of the past 5 years prior to the date of the sale to be elgiible for the capital gains exclusion.

ffchou2020Author

Level 2

yes--I rented for about 5 years and took it back and have lived in it for 4 years now---I understand about the capital gain exclusion amount--but have heard about having to pay back the depreciation amount used during the rental?-depreciation recovery as part of reporting income?

Level 15

that is correct - the depreciation is subject to recapture tax..

ffchou2020Author

Level 2

thanks..where in the irs code is that reference? how do I report it using turbo tax?