I sold a rental property in February 2021. I purchased the property in 2004 and lived there until 2019 when I started renting it out. I am currently renting a house where I am living but, I plan to purchase a primary resident March 2022. From the sale, I will have about 50K profit. Is this money taxable on my 2021 income taxes?
Hi @a3249532 there is a possibility that a portion of that can be taxable since it was turned into a rental in 2019. There are a series of questions that are related to the sale of the rental that will help you determine this.
Here are several articles to help with your situation.
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