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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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I have a rental property I want to sell. It used to be my

Customer Question

I have a rental property I want to sell. It used to be my primary residence from 1/2002 thru 1/2014. It was vacant for renovation 1/2014 till 5/1/2014. It became a rental 5/1/2014. I would like to sell it in May of 2017. I was unemployed and had to move to Kansas for a job in 1/2014. I bought the condo for $96k in 2002. I will probably get $120k when I sell it. What are my tax considerations if I sell 5/2016 AND don't reinvest until mid year 2017?
Submitted: 9 months ago.
Category: Tax
Expert:  Jonathan Tierney replied 9 months ago.

Hi, my name is ***** ***** I can help. You should qualify for the personal residence gain exclusion which would be you would not have any taxable gain. You would qualify for the full $250K exclusion if the home is sold by 5/1/2016, though you would still qualify for a a partial exclusion due to your work-related move if you sell at a later date. Just a couple questions: Do you have any suspended rental losses that you are carrying forward? Do you know how much depreciation you have claimed on the house as a rental?