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Reply to " Teardown a rental, build a new one, live in as principle residence--tax consequence?"
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[quote=Anonymous]Hello, We purchased a small house and rented it out for three years. In 2012, the house was torn down and rebuilt, we moved in. We don't really like the neighborhood and want to move out a year or two. There was no appreciation during the rental period, but we will have capital gain when we sale it. Can I use the market value of the new house as the base to calculate capital gain? How do we tell the irs there is no appreciation during the rental years? Is Turbo tax good enough figure this out? Thanks for all helpful suggestion.[/quote]
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