We have lived in a home for 10 years, rented it out for 21/2 years, capital gain would be $75,000.00, can you deduct interest paid, taxes,insurance and cost of repairs etc from the gain?
Hello Merry, I would think you could but one of the more experienced should answer this question for you so you can be sure. I have not seen a few of our most knowledgable members on for a few days so hopefully they will stop by the site soon.
Hello Merry, I would think you could but one of the more experienced should answer this question for you so you can be sure. I have not seen a few of our most knowledgable members on for a few days so hopefully they will stop by the site soon.
Hi Merry,
Yes, the capital gain amount is subject to deductions.