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property purchased 1991 price $56000
rented out 4years
depreciation taken $8000
value in 1998 $76000
I moved in 1/1/98
if sell the property I know I have to recapture the depreciation @ normal tax rates
but what are my other tax consequences?
How long do I have to live in the property before it becomes "my personal residence?"
If I sell the property for $86000, for example, would I be able to avoid capital gains tax on the $10,000 gain since moving in, or the whole $30,000 gain since I purchased the property, as a result of the new tax rules for selling personal residences. Thanks, Dan
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