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Updated almost 7 years ago,
Home converted to rental sale
We are thinking about selling a home we own. We lived it for 5 years and because we were under water on it, we couldn't sell it so we rented it out and bought another home. We have rented it for 5 years now. Is any profit on the sale excluded from capital gains? or is it treated like a rental home and all profit is subject to capital gains?