by tomdeb on June 17th, 2009

tomdeb

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We have lived in a home for 10 years, rented it out for 21/2 years, capital gain would be $75,000.00, can you deduct interest paid, taxes,insurance and cost of repairs etc from the gain?

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  • by HOLLYBELL on November 7th, 2009

    HOLLYBELL

    My understanding of a rental used as personal home in 2 of the last 5 years before sale,is that it qualifies as your personal home and there are no tax consequences for any gain to $250,000 or $500,000 for a couple. I believe this applys here.

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