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View Full Version : Rental/owner tax implications


lemonzap
Aug 12, 2009, 10:13 AM
I understand that if you convert ahouse to a rental property, you LOSE the $250K ($500K if you are married) in tax exemption you get when you sell the house.

What is needed to get that exemption back? What are the rules - number of years to live in the house again, etc?

This question relates to property in California.

Many thanks.

MJ

MukatA
Aug 13, 2009, 05:39 AM
You must live in the house for two years in last 5 years and must own it for two years in last 5 years.
Your U.S. Tax Return: Profit From the Sale of Your Home (http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html)

lemonzap
Aug 13, 2009, 09:21 AM
Thanks!