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Updated about 2 hours ago, 01/08/2025
Tax considerations when selling a short term rental
Hello all,
Has anyone sold a short term rental owned over a year as a non real estate professional that qualified as short term capital gains tax deductions with expenses and depreciation? Did the proceeds from the sale count as short term or long term capital gains? I’m in the 33% tax bracket through my real job and this could be a big difference in taxes owed if we sold the property? Thank you for any advice.