Q: I own a house in VA that I have rented out. Now I moved back in and want to sell. Do I owe extra taxes?
A:
You'll have to calculate depreciation recapture on the conversion from business to personal property and pay ordinary income taxes on the recapture. The you'll pay capital gains taxes on the gain on sale. Unless you qualify for the personal residence exemption. It's hard to say you'll qualify or not without more information, especially how long you owned it prior to converting to rental, when did you convert back to personal, etc... All of which you shouldn't be posting on a forum that's discoverable in an audit.
I'd hire a professional on this one because it could go either way based on the facts.
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