- Joined
- Dec 28, 2014
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- 2,857
In the process of selling a house, this home was purchased 25 years ago for $160,000, lived in the house for the first ten years as my primary residence, then rented it for the past 15 years.
Question is, does the gains start at when I purchased the home or when I decided to rent it? When I started renting it out the home value was $310,000. Obviously this would offset some of my capital gain tax. Anyone know if the gains start from the very beginning or when I started renting it?
Question is, does the gains start at when I purchased the home or when I decided to rent it? When I started renting it out the home value was $310,000. Obviously this would offset some of my capital gain tax. Anyone know if the gains start from the very beginning or when I started renting it?