Capital gains (CA) (renting, requirements, house, Los Angeles)
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I purchased a house in Los Angeles, ca in December 1998 and lived there for 14 years and rented out in May 2012 now I wAnt to sell it. Am still liable for capital gains?
Yes but talk to a CPA. You likely will get an exemption for living in the house 2 of the last 5 years (and you are close to being outside those requirements). But you will still pay for anything over the exemption and any depreciation you took while you were renting it out. Talk to a CPA!
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