Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply presented by

User Stats

4
Posts
0
Votes
Alexander Martinez
  • Investor
  • Wasilla, Alaska
0
Votes |
4
Posts

First Sale of Owner Occupied Duplex and Need Some Help With Taxes

Alexander Martinez
  • Investor
  • Wasilla, Alaska
Posted

I am a do it your self kind of person and currently using H&R Block tax software to prepare my tax documents for this year. Had two things happen this year which was a sale of a owner occupied duplex and used those proceeds to purchase a owner occupied four plex. I met all the requirements to exclude lived in for 2 of 5 years etc etc. I am just trying to make sure I am completing the appropriate forms, I got through the section about capital gains on my side of the duplex, and was able to exclude the gain due to being under 500k for married couples. There was a note about filling out form 4797, my question is do I include the sales price as 100% or 50% not only only the owner section part of the forms but also on the form 4797? And is it necessary to be filling out form 4797 ? What sections of form 4797 should I be filling out. I do understand I should talk to an accountant but open for suggestions as I know not all situations are alike. We did not have any major capital improvements, pretty much everything done to the property was either a repair and or supplies, advertisements standard. Any help would be appreciated thanks! 

Loading replies...