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Real Estate
Reply to " Teardown a rental, build a new one, live in as principle residence--tax consequence?"
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[quote=Anonymous][quote=Anonymous]You will need to pay back any gains during the rental period. You used to avoid it by moving in as a primary but that law was changed a few years a go [/quote] OP- how was the capital gain determined for the rent period? For example, if the house was purchased for $500,000 in 2008, rented for three years. In 2011, the market value of the house was $500,000. The house was teardown and rebuilt in 2011 and occupied as principle residence in January, 2012. The house was assessed by county at $1,000,000 in 2012. The current market value is around $1,200,000. If we sale now, how does IRS want us to pay capital gain? If we live in the house for 5 years are we better off in terms of tax?[/quote]
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