| Out of pocket rent deduction, Capital gain tax.
Hi,
condo vacant in Jan and Feb, tenants moved in Mar 2013, still living there.
Tax time - - Can I deduct two months of Principal, Interest, Tax and HOA? Or any of this?
- I pay 800 out of pocket every month to satisfy mortgage. Can I deduct this 9600 a year? As what - rental expense?
- I want to sell it now. I am in the 35% marginal bracket, so will be taxed 15% on gain?
- Can this capital gain tax be exempted I buy another property? Does it have to be investment or can it be personal also?
- And does it have to be higher or equal in value? If I buy cheaper property is the tax due on difference of prices, or full gain?
- What if I tell the IRS this is my primary residence? I do get mail there. Whats the verification procedure?
Last edited by jforex78 : 04-15-2014 at 12:09 PM.
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