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Rental/primary residence property

I sold a property that I lived in for 20 years and then rented it for 10 years.The purchase price was 140,000 selling price 240,000.  Other than the Tax on depreciation recapture what would be my tax liability on the capital gain if any?

 

Thank you in advance.

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2 Replies

Rental/primary residence property

Depreciation issue aside, the full $100k gain would be taxable. Primary home exemption only applies to five years prior to sale. Gain would be reduced by costs of sale and/or improvements.

Rental/primary residence property

Thank you very much for your quick explanation. Have a great day

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