Selling rental to primary house

Forum|Forum|7 years ago
June 1, 2019
3 replies
0 views

My wife and I bought a house in 1996 and live until 2003. In 2004 we and 5 children moved out and rented out up to 2014. In 2015 wife and I moved back and we are retiring in 2017. We plan to sell. What will be our taxes taxes? I heard capital gains, recapture , etc . I m not sure if gains will be considerd as income when we retire.
thank you

TurboTax Premier Windows

T

TaxGuyBill

Employee

If it is sold at a 'gain', yes you will have taxable income.

Without A LOT more information, nobody can tell you how much in taxes you would owe. Just enter the information into TurboTax, and it will do the calculations. Be SURE to read the screens in the Sale of Home section REALLY carefully, as they can be confusing or misread.

S

SweetieJean

Employee