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personal residence turned into a rental

IBSHERR
Level 2

I have a client who purchased a home in 1987. They lived there until august of 2008. After moving out they turned it into a rental. It was a rental until 2020.  because they lived in longer than it being a rental, is there any tax relief that someone knows about?

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IRonMaN
Level 15

If you are saying they sold it for a gain, no there isn't any "tax relief".

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309

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2 Replies 2
IRonMaN
Level 15

If you are saying they sold it for a gain, no there isn't any "tax relief".

I'm keeping this job. But I am selling surplus anvils on the side. If you are interested please call 867-5309

View solution in original post

IBSHERR
Level 2

I FIGURED THAT, WAS JUST HOPING SOMEONE KNEW SOMETHING.... LOL