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Am076
March 9, 2025
Question

Taxes on property being sold

  • March 9, 2025
  • 1 reply
  • 0 views

I have a House in Colorado I lived in it For 22 years and the last 12 years, I rented it out. Do I have to pay?

 

1 reply

KrisD15
KrisD15
March 9, 2025

Yes, if it was rented the last 12 years, you would not be eligible for the "Exclusion of Capital Gain" for that home. You must own and live in it for 2 of the previous 5 years for that exclusion. 

 

Since it was a rental, you must also claim depreciation recapture if applicable, and when selling rental property, depreciation recapture is almost always  applicable. 

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