Posted by: Tax services August 31, 2015
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Magorkhe1,
You are right in the send that depreciation needs to be recaptured while determining loss and profit on selling of house. The gain upto $250,000 (single filer) and $500,000 (Married filing jointly) for principal residence will be exempt from paying taxes. Few requirements need to be met to qualify for it.
You are right in the send that depreciation needs to be recaptured while determining loss and profit on selling of house. The gain upto $250,000 (single filer) and $500,000 (Married filing jointly) for principal residence will be exempt from paying taxes. Few requirements need to be met to qualify for it.