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.
You'll need to sign in or create an account to connect with an expert.
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.
Thank you very much for your quick explanation. Have a great day
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Taxquestion23
New Member
morg2019
Level 3
BB133
Level 1
whataboutzepa
New Member
bsktlady57
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.