<davesvideo[at]aol.com> wrote:

- quote -

I've been dealing with taxes for more than 30 years, and
when I sold rental property I hired someone to do the
return. The depreciation that was allowable during the
rental period is income to you on the sale. The remaining
capital gain is subject to the exclusion. If you try to do
this through a TT interview I'll bet the moderator's next
paycheck that you'll mess it up.

--
Phil Marti
Clarksburg, MD

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<davesvideo[at]aol.com> wrote:

- quote -

enlist the services of a competent professional to assist you
with your tax matters

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We recently sold a house that was our primary residence for
3 out of the previous 5 years and figured that we could take
the capital gains exemption. However, since it was rented
out for the past 2 years, Turbo Tax insists that it be
treated as sale of a business, for which there is a rather
large capital gain. This is contrary to what I have been
told and I guess at this point we my need to file for a
delay and take it to a tax consultant. An thoughts on this?

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