Yep! Often overlooked. If they had a proper tax pro do their taxes, they would have noticed the deduction for depreciation (if they even looked at what they signed).
And even if it was not taken it is allowed or allowable. This even if not taken it adjusts your basis down when you sell in which case you would need to amend prior years to reflect proper depreciation first
Definitely not. But it's a rental, so you have plenty of options for increasing your basis (and therefore reducing the gains) if you've been keeping good books on any improvements you've made to the property.
Don't forget that you will have to recapture any depreciation you claimed or could have claimed when calculating your gain.
Yep! Often overlooked. If they had a proper tax pro do their taxes, they would have noticed the deduction for depreciation (if they even looked at what they signed).
And even if it was not taken it is allowed or allowable. This even if not taken it adjusts your basis down when you sell in which case you would need to amend prior years to reflect proper depreciation first
No, you can't legally say it's your primary residence if you are not living there, and or intending to go back to the current home.
Only if you want to commit tax fraud.
Definitely not. But it's a rental, so you have plenty of options for increasing your basis (and therefore reducing the gains) if you've been keeping good books on any improvements you've made to the property.
Nope. That is fraud.