gk
Level 5
04-04-2023
05:52 PM
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Hi,
My client purchased a 2 family home in 2018. He occupied Unit #1 with his wife and kid. Unit 2 was used as a rental unit on Sch E. He sold the house in 2022. How should i take the home sale exclusion for primary home and how can i show the capital gain for the investment part. How do i allocate the amount? Pls advise
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Level 15
04-04-2023
06:24 PM
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split it in half, half as sale of rental, half as sale of personal residence.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
gk
Level 5
04-04-2023
07:24 PM
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THANK U SO MUCH....
taxes96786
Level 9
04-04-2023
10:42 PM
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Lisa...wouldn't that depend on whether the units were of equal sq ft?
Level 15
04-04-2023
10:44 PM
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With the limited info, I guessed it was a duplex, but if this 2 family home isnt 2 equal dwellings, then yes, the % could be skewed.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪