Rental property tax geniuses...
If I lived in the house I own then rent it out and depreciate it on my income taxes, what happens if I sell it but still qualify for the capital gain exclusion? Is the depreciation portion recaptured somehow? What if I am out of the house long enough to lose the exclusion but then move back in to meet the 2/5 year test? My understanding is if I qualify for the exclusion then depreciation is not recaptured. Is that always correct? Thanks.
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Posted: 06/08/2023 at 1:08PM