heyduke
Recycles dryer sheets
- Joined
- Aug 17, 2009
- Messages
- 348
Okay here is the question.... I have a rental house... it has been rented and depreciated since 1994 (gawd I love this country) ...now what i need to know... correct me if I am wrong. If I move into the rental house for 2 years starting today when I sell the home there it will be a non-taxable capital gains event ... correct? In other words... I sell the home for 120 K and assume the cap gains is 20% (i know, i know...) that means if it is fully depreciated and I move in and claim it as my principal domicile I can avoid paying the 24 K cap gains. Or in effect get paid 1k for each month for 2 years to live in the house...
okay, what an i missing?
okay, what an i missing?