I think that’s right. Trying to figure out what to do with mine.
I have 10 years of depreciation on my rental property plus capital gains that exceed my purchase price (house value is more than double). Between the depreciation recapture and normal cap gains, it could be quite the tax bite. Good peoblem to have, but that will be a painful tax hit.
Might rent it out again (Currently living there while our other house is being renovated) then move back in for at least 2 years after kids are off college to at least take out a decent chunk of the capital gains through the exclusion. Should also be in a lower tax bracket at that point too.
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In response to this post by Shenhoo)
Posted: 06/08/2023 at 1:34PM