So, my application at work is going away

[Mick]

Originally Posted by LATB

Unless I am misunderstanding something, he is correct.

If you convert an investment property into your permanent residence, and live in it for two years, then sell the property, you would pay any depreciated tax benefit that you had previously received through claw back. And you would be exempt from any long term capital gains tax on the sale.

This is the part that is wrong. You would still be capped at $250,000 individual exemption, or $500,000 for married. Above that, you pay the vig.

[LATB]

Originally Posted by Mick

This is the part that is wrong. You would still be capped at $250,000 individual exemption, or $500,000 for married. Above that, you pay the vig.

Correct and that part has been discussed and agreed. I should have been specific and included that, but I thought the discussion had turned to the depreciation claw back.

[Mick]

Originally Posted by LATB

Correct and that part has been discussed and agreed. I should have been specific and included that, but I thought the discussion had turned to the depreciation claw back.

It wasn't your post that I said was wrong, it was Phred's.