I have a capital gains rental property question. If I sold a home that I rent out, am I subject to rental capital gains on the sale?
Yes. Regarding capital gains rental property, you are liable for rental capital gains. You can only exclude capital gains from the sale of your main home.
Any gain on the sale of rental real estate is subject to rental capital gains tax. However, unlike with your personal home, you can claim a loss on the sale of rental property.
Did you sell property over the past tax year? Find out from the experts at H&R Block how to calculate cost basis for your real estate.
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If you are giving large gifts this year, it's important to know the IRS rules surrounding gift taxes. Learn more about the gift tax exclusion at H&R Block.
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