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.
Do you have to claim Social Security survivor benefits for your child? Learn more from the tax experts at H&R Block.
Are scholarships and grants considered taxable income by the IRS? Learn more from the tax experts at H&R Block.
Need to make some extra money? Discover some simple side jobs that can help bring in extra income for you and your family. Learn more at H&R Block.
What are education savings accounts, and how do they affect your taxes? Discover more about ESAs and get tax answers at H&R Block.