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Re: Renting You House to Go Abroad a Few Years?
Old 06-02-2005, 07:34 AM   #21
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Re: Renting You House to Go Abroad a Few Years?

(Erratum) Yakers, your are right. *The right context of the Quote is from"Me and Bobby McGee' by Big Brother as belted out by the late Janis J. * I was attempting to paraphrase Dylan, from Like a Rolling Stone. It should have stated: *"When you ain't got nothin, you got nothin to loose...." *Leave it to me to attempt but fail at literary reference. *But, there are many of us ER's that have less than perfect recollection of the late 60's, but I do know I had a great time. *8)

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Re: Renting You House to Go Abroad a Few Years?
Old 06-02-2005, 09:50 AM   #22
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Re: Renting You House to Go Abroad a Few Years?

Originally Posted by Martha
Even if they go back to living in the house, they still have to pay taxes on the recapture of depreciation, even if they live there 2 out of 5 years.* But the rest of the gain is sheltered (up to 500,000).
I've always wondered how that's tracked. The longer they live in the house after returning to it, the less likely anyone is to remember depreciation capture. (Least of all the CPA doing the taxes.) I guess that's what TurboTax is for.

I thought the depreciation would bring the house down to a new basis, and gains on that basis would be sheltered up to $500K. But I bet reading about the rules makes one decide that 1031 exchanges are "simpler"...


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