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Taxes on a house
I lived in a house for 1year and 4monthes then we had to move to another state. We kept the house another 5 years, because we thought we would move back to this state. During this time we rented it out. We then decided to sale it and did. When we bought it was only suppose to be our house not a rental. What will our tax situation be like?
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Taxes on a house
What state are you talking about? The fact that you lived in the house for over a year will keep you from paying short term capital gains. If you rent out your home it should not adversely effect your tax situation unless you had a mortgage on another home... call a real estate professional and tell them your situation and they often gove tax advice for free.
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