Sold my primary home after renting it for 3.5 years will I have to pay capital gains tax.

Forum|Forum|7 years ago
June 1, 2019
3 replies
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I sold my primary home after renting it for 3.5 years. I bought the home in 1992 for $75,000 and sold it for $150,000. I had about $50,000 in upgrades and improvements. How much will I need to pay in capital gain taxes.

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Critter

Employee

Sorry but yes, you cannot get any of the personal residence exemption. You will also have to recapture the depreciation taken (even if you didn't take any).

https://ttlc.intuit.com/replies/3388350

T

tsnygard

Employee

well since you sold the house for your parents then you yourself do not owe a profits gain, although your parents will owe on the portion minus $100,000

T

tsnygard

Employee

if the house that you sold was not used for any other profit gains then you will still fall under 1st home buyer clause. if the second home is a prime realestate location, then you will have to pay sales growth on the lesser.

but if it was a downgrade, because of divorce or a death, then you have what is called a relief tax break you might want to look into..