u/cabinfever32

I have a rental property that was previously my primary residence. I’ve been renting it for the past 4 years. Unfortunately it’s expected to sell about $50k less than I purchased it for.

I’ve heard there can be tax advantages in situations like this when you go to sell. Can anyone point me to some knowledge resources, calculators, or even just a super high level explanation of my options to not totally lose 50k out of this. I’d like to avoid using a tax consultant if it’s not actually that complicated after I can wrap my head around it.

Editing to clarify this is in River North. …sigh… the only neighborhood that didn’t appreciate in the past 10 years.