Posted by dealmaker on June 09, 2008 at 18:06:23:
Well, you’re outside the 2/5 rule so your house is a RENTAL PROPERTY. You’ll owe long term capital gains on the NET GAIN to the feds and whatever the state rate is to the NY authorities, to whom I’m sure you’ve been paying income tax on your rental income for the last 5 years.
I’m not a CPA, so I suggest you get one NOW.
dealmaker
tax on sale of rental home - Posted by Kim
Posted by Kim on June 09, 2008 at 09:31:24:
My question is, if we have a home in NY that we bought in 1994 and then moved to NC in 2000 (we didn’t sell it) and have been renting it since 2002. We are now looking to sell it to purchase a home in NC. Do we have to pay any kind of tax to the gov’t. or do we keep all that we make on the sale of our home?
Thanks
Kim Meyer