Client is tired of renting vaction home out. Wants to remove from that category. Am I correct that is not a taxable event. He already has a second home(with bigger mortgage) so interest deduction is gone. All the depreciation taken will remain for recapture when sold. If he has any suspended loses-what happens to them(I can not remember if he has them)??? Any corrections or missing facts????
Thanks..
Maybe we can get Homer Simpson to run for President in '08.
Thanks..
Maybe we can get Homer Simpson to run for President in '08.
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