Seth <sethb[at]panix.com> wrote:
- quote -

If the two months of rental were in the same year, there
is no depreciation allowed.

--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

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garagecapital <garagecapital[at]gmail.com> wrote:

- quote -

There's depreciation during the rental period that has to be
recaptured.

Seth

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garagecapital[at]gmail.com (garagecapital) posted:

- quote -

If I understand your facts correctly, you lived in the house
for 3 of the last 5 years. That qualifies you for the "main
home occupied at least 2 of last 5 years."

I would consider the 2 months of rental as incidental, as
long as you did not claim any depreciation in the year it
occurred. (You did, I presume, report the rental income as
"other income" in the year received, right?)

Thus, as long as your net profit on the sale of this
_qualified_ Main Home is less than $250,000 ($500,000 if
MFJ), there is no taxable gain and nothing to report.

Bill

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garagecapital[at]gmail.com (garagecapital) posted:

- quote -

If I understand your facts correctly, you lived in the house
for 3 of the last 5 years. That qualifies you for the "main
home occupied at least 2 of last 5 years."

I would consider the 2 months of rental as incidental, as
long as you did not claim any depreciation in the year it
occurred. (You did, I presume, report the rental income as
"other income" in the year received, right?)

Thus, as long as your net profit on the sale of this
_qualified_ Main Home is less than $250,000 ($500,000 if
MFJ), there is no taxable gain and nothing to report.

Bill

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >

garagecapital <garagecapital[at]gmail.com> wrote:

- quote -

There's depreciation during the rental period that has to be
recaptured.

Seth

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >

I lived in a home for three years. I moved but kept the
house unoccupied except for two months I rented it out. I
returned to the house two years later. I sell it. Does the
fact that I collected rental income hurt my capital gains
exclusion on the sale of the house?

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