I bought a home 8/02 (400K) and lived in there until 8/04. It remained a second home (my parents lived there for free). I know my 5 yrs will be up in 8/07 to get my tax free gain (worth about 700K) , but in case I cannot sell it, I want to convert it to a rental.
1) What is my basis for the property if I convert in 8/07 for example?
2) If I sell in 10/08, how will I be taxed and what will be my basis or gain? Long term rate? I live in California.
2007-04-29
02:36:15
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4 answers
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asked by
FEE_PHI_PHO_FUM
2
in
Business & Finance
➔ Taxes
➔ United States