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.
If you have owned a rental property for many years but have never claimed depreciation, can you catch up and claim it now? Learn more from the tax exp
Learn more about the tax rules for renting your vacation home for part of the year from the experts at H&R Block.
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Learn more about reporting loss on a rental property with help from the tax experts at H&R Block.