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Updated over 1 year ago on . Most recent reply presented by

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Chris Burke
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Tax Implications w/ selling rental property that was previously primary residence

Chris Burke
Posted

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. 

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Basit Siddiqi
#1 Personal Finance Contributor
  • Accountant
  • New York, NY
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Basit Siddiqi
#1 Personal Finance Contributor
  • Accountant
  • New York, NY
Replied

You will likely need to report as income the depreciation taken from October 2022 to the time of sale.

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Basit Siddiqi CPA
4.9 stars
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