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.
Learn more about reporting rental property income for your self-managed property with help from the tax experts at H&R Block.
Learn how to report your rental property value drop with help from the tax experts at H&R Block.
Learn more about the rules of reporting rental income and get tax answers at H&R Block.
Learn more about reporting loss on a rental property with help from the tax experts at H&R Block.