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Old 03-06-2012, 12:10 AM
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Convert primary to rental property /capital gains?

I convert my primary residence I've lived in for 10 years to rental property and then sell two years after conversion for $600,000. Paid $300,000 and that includes improvements.. Depreciated $40,000 over the two year rental period. I'm assuming my basis for the gain is now $260,000. Correct? That would give me a capital gain of $340,000. If married my exclusion would be $500,000 so I would pay no tax on this sale. I think I've got it right but I'm really concerned about the depreciation. Does this mean that all my deprecation never gets added back in any way because I've done this on a rental property that was previously a primary residence and I've met the lived in two of the past 5 year rule?



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