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Financial Planning / Tax Strategies
|Subject: Re: Sale of rental property||Date: 8/12/2001 1:15 PM|
|Author: rgrass||Number: 53266 of 124467|
thanks for the advice. The reason we rented was because we could not sell it for a fair price when I moved to a new job. I did include depreciation in my net gain, but I think I underestimated the amount. We made some improvements to the house while we lived in it and after we started renting. I deducted this amount from the proceeds of the sale.
I thought you had to live in a house 2 out of the past 5 years to defer the gain. I've searched the IRS site for information, but did not find anything which describes my situations.
Any additional help is appreciated.
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