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Buying or Selling a Home/capital gains on sale of two faimly home
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Question
Hi Dick
If I sell mytwo family home (owner occupied for 43 yrs) (2nd suite continuously rented) how can I avoid capital gains on the income portion? Can I keep the income suite vacant for 3 years and revert to single home status to claim the %250,00 exemption. Thank you for your prompt reply.
Try this, Joseph. Move into the vacant unit for two years. Sell the whole property and you should be able to have a $250,000 exemption on unit since you lived in the first one for at least two of the previous five years and then ditto for the second one. However, I strongly suggest you consult with your favorite tax expert to make sure you do it right. I do wish you well.
Dick Dennis
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
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- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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