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[quote=Anonymous][quote=Anonymous]We owned a house in another state (lived in the house until we had to move east for jobs). Bought it in October 2007 for $350K, moved east in July 2009. Rented the house at a loss from August 2009 to June 2013, had over $40K in "unrealized" losses including depreciation. FINALLY sold the house last month for $325K (minus $5615 in seller contributions). $19.5K in realtor fees, another $10K or so in selling costs. My assumption is that we will get to write off all losses as "realized" losses this year, bringing our HHI down. Is this correct? Is there anything I need to know? We will have our accountant do our taxes, of course, just want to know what I should expect. Thanks[/quote] Maybe but you'll also have to pay the 25% recapture tax on the total amount of depreciation you claimed while you owned it. Even if you didn't actually claim the depreciation, it will be deemed that you did.[/quote]
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