Tax question - Rental to owner occupy

[yaonchung]

Hi
I have a question regarding about taxes. My wife and I have a rental property that we wish to use for owner occupy after lease is up in next summer. Would we have to declare any captain gain taxes between the time that we rent out to the time we decide to use it as personal residence? Anyone have any insight regards about this or would we be better off just purchase a another owner ocuppy residence instead?

 

[Sherilynn]

Yes, when you eventually sell you would claim capital gains for the period it was a rental. You should consider getting a professional appraisal on the property before you move in.

 

[yaonchung]

Thank you again Sherilynn ^^