Updated almost 8 years ago on . Most recent reply
Multifamily duplex question
How does Capital gains work if I purchase a duplex, live in one side as my primary residence and rent out other side. After 2 or three years I decide to sell duplex for say $60K more than I bought it for. Would I only be able to take half of the gains tax free or be able to take the full amount? I can't find a search button because I'm sure this has been discussed.
Thank you
Most Popular Reply
Howdy @Harold Groetsema
The search button is in the upper right corner of the BP header.
What are you planning to do after you sell? Buy another property? If so make sure it has a higher value. Then you can do a 1031 exchange and pay no Capital Gains Tax. Otherwise, normal tax would apply.
I am not a CPA or tax professional. Seek professional help for accurate information.