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by HOLLYBELL on November 7th, 2009
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.
by Sherri on June 17th, 2009
NO, the interest/taxes/insurance/cost of repairs should have been deducted on Schedule E IF this house has been a rental. And dont' forget to account for depreciation allowed or allowable when computing the gain. Perhaps this is NOT the year for you to do your own taxes; look in the yellow pages for an Enrolled Agent who can give you the best possible tax breaks.
why pay taxes the top 1 % dont
by chr1984 on January 15th, 2012
| 1 person likes this
I have lived with my husband for 10yrs, married for 1yr, not on the deed. Would we have to pay capital gains tax for singles then?
by weezy18 on April 29th, 2010
| 1 person likes this
My grandparents lived on a 115 acre farm since 1939, my grandfather passed since 1939 he passed away on Oct 2007 and Nov 2007 she went into a nursing home. If she sells the farm having lived on it 2 of the last 5 yrs will she have to pay cap
by plowman on January 13th, 2009
| 1 person likes this
Our family had a vacation home and we sold it last year. My husband agreed to the sale because we had no income coming in and was waiting to hear if he could be put on disability. How will this sale affect how much taxes we will owe on the sale? Are ther
by Kathleen on February 18th, 2009
| 2 people like this
My father wants to give a onetime gift of $1 million of stock to his children split 6 ways. What are the tax implications for the children if they sell the stock, either immediately or after 1 year?
by apschiff@hotmail.com on March 19th, 2009
| 1 person likes this
You're reading 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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