Updated over 1 year ago on .
Most recent reply
presented by
Tax Implications w/ selling rental property that was previously primary residence
I am looking for some tax advice regarding the potential sale of rental property.
Trying to understand what a potential tax bill may look like.
Property was previously our primary residence, having lived there for a few years, and started renting it out beginning October 2022. Looking to sell within the next few months.
Most Popular Reply
Basit Siddiqi
#5 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
- 3,810
- Votes |
- 8,313
- Posts
Basit Siddiqi
#5 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
You will likely need to report as income the depreciation taken from October 2022 to the time of sale.
- Basit Siddiqi
- [email protected]
- 917-280-8544
Basit Siddiqi CPA
78 Reviews
4.9 stars