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Updated almost 6 years ago,
Tax deductions-6 month rental before selling last year
Morning all,
We sold our house late last year in San Diego and ended up renting it out for the previous 6 months as initially our buyers didn't qualify. We spent almost $12k to get it rental ready (repairs, replacing worn out carpet and floors).
We used the sale proceeds as a down for our primary home and plan to live here for the long haul.
We usually use TurboTax but it has us owing almost $2k even after deducting depreciation, repairs, child car etc. I think we must be missing something. We gross only about $100k total (wife and I).
Looks like a need a CPA versed in real estate. Thanks for any advise you can offer.