capital gains on selling condos in multifamily

1 Reply

I bought a 4 unit/multi-family in July 2017 and have been using it as primary residence since. During this time I did  a condo conversion.

This year I sold 3 of them (and used all the money to payoff mortgage and renovation debt), now I have one left under my name. Will I pay capital gains if I sell it after July this year since I used it as my primary residence for 2 years? How will it be calculated?

As a non-cpa non-lawyer, but all around good guy...

I'd say if you separated all 4 properties in to separate property id's. And paid full boat capital gains tax on the 3 you sold, you should be good selling the last one as your primary tax free up to $250k in gains if single.

I’m sure you used some experts for the condo conversion, I’d get them on board too. If you claimed any percentage of the other 3 sales as part of the building that was partially your homestead then forget everything I said and be prepared to pay more taxes here.