Hi, the questions involves, State of FL, Federal and State Taxes.
Background:
Purchased home as primary residence in June 2010 for: 45K
Lived there as primary residence, till June 2012
Subsequently rented it out "partially".
Converted to primary residence on June 15, 2017 (hoping it may qualify me for gain exclusion?)
Sold for 130K (closing soon on the June 1st, 2017)
Expense for sale:
Last 5 year detail:
Questions:
While I need to figure my 2017 Rental Income (or Loss), indicated as TBD above, though lets suppose it will be 3k for 2017.
1. Could you please help me understand, what my resulting basis would be, i.e. Purchase price - depreciation over the years
2. Could you please help me understand, as it currently stands, what my taxable capital gains is.
3. Please notice in 2013 and 2014 returns I made a serious error in judgement, which now I regret. I should have indicated in 2013 about 265 days as Personal use days, and about 220 days in 2012 as Personal use days. And that could have qualified me for the Cap Gains Tax Exclusion?
4. I am not sure, if at this point, I am still able to amend the 2013 and 2012 returns?
5. The repairs conducted to make property marketable. I spent this amount through-out this year, while the home was on rent. So I could thoeratically deduct it as a rental expense next year (instead of making it count towards reducing capital gains). I am not sure, which is better route?
Background:
Purchased home as primary residence in June 2010 for: 45K
Lived there as primary residence, till June 2012
Subsequently rented it out "partially".
Converted to primary residence on June 15, 2017 (hoping it may qualify me for gain exclusion?)
Sold for 130K (closing soon on the June 1st, 2017)
Expense for sale:
Commissions/Closing Cost: 10K
Repairs conducted to make property marketable: 10K
Last 5 year detail:
Questions:
While I need to figure my 2017 Rental Income (or Loss), indicated as TBD above, though lets suppose it will be 3k for 2017.
1. Could you please help me understand, what my resulting basis would be, i.e. Purchase price - depreciation over the years
2. Could you please help me understand, as it currently stands, what my taxable capital gains is.
3. Please notice in 2013 and 2014 returns I made a serious error in judgement, which now I regret. I should have indicated in 2013 about 265 days as Personal use days, and about 220 days in 2012 as Personal use days. And that could have qualified me for the Cap Gains Tax Exclusion?
4. I am not sure, if at this point, I am still able to amend the 2013 and 2012 returns?
5. The repairs conducted to make property marketable. I spent this amount through-out this year, while the home was on rent. So I could thoeratically deduct it as a rental expense next year (instead of making it count towards reducing capital gains). I am not sure, which is better route?
Federal Taxes: Foundational Questions - Please Be Gentle - Rental Income and Capital Gains Calc
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