The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: foreclosure||Date: 3/6/2014 9:01 PM|
|Author: culcha||Number: 120389 of 124774|
The principal residence exclusion requires that it was your primary residence for at least 24 months of the 60 months prior to sale.
You don't have enough information to know if you have a recaptured depreciation or even if you have profit or loss.
We've been renting that place out for about 10 years now. So aren't I going to have to recapture depreciation?
I know the original basis. And if I get the amount of "excess funds," what else do I need to figure profit/loss?
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|