Quote:
Originally Posted by asianthree
I would advise you to speak to your CPA instead of the guessing game with zero knowledge of your taxes
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100% agree. And since you haven’t sold in 2023, it will be a 2034 tax event anyway - not 2023. However, if you want to “play around” OR if you prepared your taxes yourself, you can us TurboTax (and I would assume other tax prep software) to run scenarios. It won’t be precise but should be directionally correct and you will have to “pretend” you sold in December 2023.
All that said, assuming you rented it all “above board”, a CPA is the best and safest way to go. Without question.
Last thought - if you declared residency here earlier this year, could you not live in the CV for two years from that date and thus make it your primary residence??
Good luck. Get a professional’s help. PS i had rental properties in the past that turned into a permanent residence. It’s tricky. Peace of mind that the IRS won’t be sending you any letters is worth a fair amount in my book!!!