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Rental/owner tax implications
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 |
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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 |
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