Selling a Lake Home You Didn't Live In

Selling a Lake Conroe home you didn't live in full time? Ask a CPA these questions first.

Is the exclusion available?

Generally it's for your main home.

Did you rent it?

Rental use and depreciation can affect taxes.

What's my basis?

Purchase price plus qualifying improvements. Gather records.

Timing

Ask whether timing matters for your situation.

Do I get the home sale exclusion on a second home? Generally the exclusion is for your main home. A second home's gain may be taxable. Ask a CPA.

Does rental use matter? Yes. Renting the home can change the tax picture, including depreciation. A CPA can explain.