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capital gains on real estate

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Abbey Rose

Guest
Is a bed and breakfast considered a business in the sense that it would or would not leave on liable for capital gains tax should the property be sold as a home? The state is Oregon, however, I doubt that makes a difference.
 


ALawyer

Senior Member
If it were a home that you owned for 2 or more years there would be a $250,000 exclusion of capital gain; as a business there is nmo exclusion.Ask your accountnant, but my sense is that converting the property to business use and depreciating it would cause it to have split capital gains treatment.
 

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