topic If I owned a second home and held for more than five yrs and the appreciation was 500,000 what would the tax bill be? in Deductions & credits

If I owned a second home and held for more than five yrs and the appreciation was 500,000 what would the tax bill be?

acoulombetax — Thu, 06 Jun 2019 13:46:01 GMT

SweetieJean — Thu, 06 Jun 2019 13:46:01 GMT

Did you ever rent it out?

SweetieJean — Thu, 06 Jun 2019 13:46:03 GMT

No exclusion, since this was not your primary residence.

SweetieJean — Thu, 06 Jun 2019 13:46:04 GMT

This can trigger the NIT and AMT as well.

Also remember State taxes.

Of course, all this assumes no 2017 Federal tax law changes.