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Reply to "tax implications of rental income?"
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[quote=Anonymous]Yes, you have to declare rental income, but you also will be able to write-off repair and maintenance cost as well as depreciation on rental property. As for capital gain - of you sell within next 3 years your capital gain will be exempt up to 500K for married failing jointly (assuming it was your primary residence for the last 2 years). However, you'll pay taxes on depreciation recap. Bottom line - it is complicated tax situation, consult tax professional in advance. [/quote]
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