Rental property sale with no income/2 homes sold Hello. I sold two homes this year. both could likely qualify for a primary home, but I guess since they were sold near the same time, I think I figured out you can only claim one per 24 months. One made more money so I assume I claim that as my primary residence to use without capital gains. The other was rented at nearly no gain and I put lots of money into it as it was a new home. Yard, drive, deck, put in that I think I can add that to my purchase price.
I have been unemployed for over 2 years now. I had zero income last year and now this year. I have potentially two kids I can claim, but I'm not sure how what I think is considered "long term investment" income would count with zero income. Would the kids as deductions only matter with actual income, but meaningless for investment income? I could let my ex claim them if it would be no benefit to me.
Another question to add, when I bought the house, I had a 30 day "lease option" where I put an amount down that was deducted from the official sales price. They were unsure I could get a loan fast enough. Is that amount deductible from the purchase price? |