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Tax, SDIRAs & Cost Segregation

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Mariana Rojas
  • Chicago, IL
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15
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Capital Gains-- To sell or not to sell?

Mariana Rojas
  • Chicago, IL
Posted Oct 21 2017, 01:43

I lived in my house from 2011 to 2013, then I relocated due to work and rented the property out. I was not familiar with the rental process so I did not file anything related to rents until 2016. Am I required to pay capital gains taxes? If I do, I will have to reconsider selling. I owe 40k and I can sell it for 130-140k. Any feedback would be greatly appreciated.

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