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Selling Rental Property |
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Can you sell rental property owned for more than 5 years and take the tax exclusion. |
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That homesellers tax exclusion is meant for the sale of one's own home, not income property. If you also lived in the place, for at least two of the five years before the sale, you might qualify. Otherwise, no, there's no special tax treatment, except that most of your profit will qualify for favorable long-term capital gains rates. Recaptured depreciation will be taxed at a higher rate. |
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Edith
Originally published on October 16, 2007 |
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