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Updated over 1 year ago, 05/07/2023

Shay Kent's profile image
Shay Kent's profile image
Shay Kent
  • Investor
  • from Dunedin, FL
  • Member since Oct 5, 2015
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User Stats

36
Posts
23
Votes
Shay Kent's profile image
Shay Kent's profile image
Shay Kent
  • Investor
  • from Dunedin, FL
  • Member since Oct 5, 2015
Connect
Shay Kent
  • Investor
  • Dunedin, FL
23
Votes |
36
Posts
Tax, SDIRAs & Cost Segregation

Do we owe capital gains? I disagree with my cpa. advice needed, thanks!

Shay Kent
  • Investor
  • Dunedin, FL
Posted

We lived in our primary home for 3 of the last 5 years. We rented it out for a year and then sold it. Do we owe capitals gains on it?

Our CPA says that as soon as we rented it out it became a business and we have to pay business tax plus the percentage of the time used as a rental (12% of the time). I think this sounds wrong. Any help would be fantastic. Thank you!

Shay

Denver, Colorado
1 Vote
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