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April 24, 2021
Question

Rental property

  • April 24, 2021
  • 1 reply
  • 0 views

I have a home I have rented out for 20+ years,if I tear it down and move into new home as principal residence ,what are tax ramifications?

1 reply

AmyC
Employee
April 29, 2021

Since you are not selling the house, you would not have a gain to pay tax on. By converting it to personal property, you are just taking it off your taxes as a rental. 

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