I'm sorry, I neglected to say that I never made a profit off of the sale. I purchased for $175,000 and sold for $175,000. Do you have to make a profit to be tax...
I couldn't sell it without taking a loss (bad market) and didn't want to lose the house, so I just rented it for the mortgage amount, which was below FMV. Rente...
Thank you. Just trying to wrap my head around the whole not for profit thing. Seems that if everyone has to file a schedule E and take depreciation, then no one...
