All Forum Posts by: Ana Cherm

Thank youfor responding 

I agree it is good problem to have. ;) just ca. 20k is little high.

I did live in the property for 5 years and rented for another 5, so I was hoping that HOA from the first 5 years that condo used to fix the leaking roof and elevator and garage door could be somehow counted against my base.

Also what about excise tax?

Thank you

Sold the condo earlier this year and facing couple K's in capital gain tax since it was a rental for last five years. 

While I guess I should be happy to face that problem but still would be nice to be able to reduce the tax.

Any creative but legal ways to adjust the base to reduce the taxes (I.e. how to handle HOA dues... Etc.)

Thnx

thank you for replies guys ...

the rental still bringing income that is paying the heloc and other property related expenses. i think i am just getting tired of handling the problems with neighbor, who was harassing my tenants and i probably most important - i am ready to pay off my main residence (currently paying the principal anyway and have no tax benefits from it).

also getting new baby and extra money from no-mortgage would go to child care (doubt it is a considiration for IRS for reducing my tax :))

i am thinking to sell my rental. seems like i am out of luck re: capital gain exemption (rented it for more then 5 years ;()

i do have a HELOC but i used it to improve my primary residence. any experts out there know if this counts?

any strategies to reduce the capital gain tax in my case?

thank you