Accountants Who Come To Us For Guidance
David M. Kaufmann, CPA
2831 Wyecliff Way
Highlands Ranch, CO 80126
PO Box 632285
Highlands Ranch, CO 80163-2285
You move out of your home, and want to sell it.
You can't get the price you want, and you rent out your
The housing market improves.
Your renter moves out, after the house was on the market
for a year.
You put the house on the market.
6 months after your renter moves out you sell the home.
For those 6 months, is this house a residence or a rental
property? This is important. If this is a rental property for those 6 months,
utilities, insurance, repairs, cleaning, painting, new carpet, etc. are
deductible. If this is a residence, those items are not deductible.
Contact me before the renter moves out.
[Side issue] You don't want to lose the tax-free status
of the sale of your residence.