San Diego Housing Market News and Analysis
To Sell a rental property?
User Forum Topic
Submitted by JBurkett19 on April 26, 2011 - 8:42am
I have a rental property that I used to live in, but moved out in March of 2009. I think that I qulaify for the exemption from Capital Gains because I lived in it two of the last five years. After this year, I will not qualify for the Cap. Gains exemtion, so I was wondering if anyone had an opinion on whether or not I should sell to avoid the Cap. Gains. Also, if I'm to pay Cap. Gains, am I also on the hook for income tax on any gains?
General back ground is: I have a monthly cash flow of about $150 per month after expenses (including Mort./ Prop tax./ Ins./ Income Tax and savings for repairs). The house has recently become vacant and I'm prepping it for re-rental, but wanted to confront this question now.
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