What qualifies as a rental property for purposes of capital gains?
I remarried and moved out of my house four years ago. My son remained there until recently. Now I’m ready to sell the house, but do not know if the house would be considered a rental property, since he paid no rent, or would it be considered to have been occupied by me? I am concerned about capital gains taxes, since I have owned the property since 1983.
Its not a rental house and the capital gains tax on your own residence is only on the amount in excess of $250,000 gain
in other words if you got the house for free, you would have to sell it for $250,001 before the capital gain tax even started and then only on the amount over $250,000