My husband owned and occupied a house for nine years before we got married. He paid $190K, added $40K in improvements and sold it this year for $210K. We rented out the house for nine months before selling it. Our tax preparer says that since we converted it to a rental property, we can take the loss on the sale. I am worried about time restrictions. It seems too good to be true that we could take the loss just because we rented it out for nine months!
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