Taxes on the profit of our rent house?
We sold our rent house last summer 2016. The tenant lived there 4 1/2 years, got married, and moved. We occupied the house before we had this tenant. We owned the house since 2002. Do we have to pay taxes on the profit from the sale of our house? Thank you
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Yes. To avoid tax on gains, you'd have to live in the house for at least 2 of the 5 years prior to sale.
At this point, you'd have a cost basis lowered by the depreciation you took while it was a rental. You need to account for the difference between that and you sales proceeds net of sales expenses.
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