skinner

HI TaxSmith, I did not make a claim for the disposition of the principal residence or any of the above you mention. I filed my taxes yearly and claimed the rent I received as income. I'm not sure what my next steps are.

I was hoping someone can help me with capital gains. I purchased a house in 2007 for roughly $145K. I lived in this house until I bought another. In 2013, I purchased the other house and decided to rent the house I purchased in 2007. In 2013, I got the rental property appraised for $270k and started to rent the house. I did this for 8 years until 2021 when I sold the rental property for $245k. Do I pay capital gains on the $100k or do the appraisal offset this? Thank you for your input.