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2. Selling a Vacation Rental Property
3. Expenses & Settlement
4. Potential Tax Hit for Sellers of Vacation Homes

Maureen Salahshoor Denver, CO

September 24, 2021

Real estate owners get a number of tax breaks from the IRS, both while they own the residence and after they sell it, to a point. In the first of a two-part series from AccountingWEB, Julian Block discusses how the current rules work for vacation home sellers, as well as times they might take a hit on their income taxes
Key requirements.
"To illustrate how the current rules work, let’s apply them to sellers Harold and Marian Hill. The couple avail themselves of profit exclusions as long as they comply with two requirements."
https://www.accountingweb.com/tax/irs/potential-tax-hit-for-sellers-of-vacation-homes