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    immargo's Avatar
    immargo Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Oct 9, 2007, 12:04 PM
    Capitol gains on a second house
    I will make this short. In 1995, my husband bought a house in his own name. Moved in 2001 due to job relocation. Did not sell the 1995 house and bought another house in 2001in both our names. Rented the 1995 house for one year and had not rented it out again after tenants moved out. Sold 1995 house this year for less then 250,000. Question, are we screwed as far as capitol gains? My husband is freaking out!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Oct 12, 2007, 09:20 AM
    Because he rented the property, it may have been converted to a business property, in which case capital gains taxes WILL be due.

    Did he make the property available for renting for the years it was vacant?

    Did he depreciate it?
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