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How to calculate capital gains from primary residence turned rental property

Q: We are selling our townhome this year that we bought almost 30 years ago. We lived there first for 17 years, as a primary residence and then we rented it. How do I calculate capital gain? Do we use the sales price or do we use the market price when we began renting it out?

A: Your question seems simple, but it’s actually complicated. We ...Read more

 

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