Section 121 and 1031 For Quadplex Being Sold

[Stanley Lawrence Jr]

Hello,

I'm new to the forum and this is my first post. I live in the STL area and I am selling a quad plex where I previously lived in one unit. Details are below, but my question is could anyone recommend a CPA to help me determine the amount of funds I can apply to Sect. 121 vs 1031?

Property Info

Sales Price: $529k

Purchase Price: $398.5k

Primary Residence time in 1 unit: 25 months

Moved out 17 months ago

Captured depreciation on taxes every year for the 3 units that were rented.

Thanks for any recommendations!

[Ashish Acharya]

Originally posted by @Stanley Lawrence Jr:

Hello,

I'm new to the forum and this is my first post. I live in the STL area and I am selling a quad plex where I previously lived in one unit. Details are below, but my question is could anyone recommend a CPA to help me determine the amount of funds I can apply to Sect. 121 vs 1031?

Property Info

Sales Price: $529k

Purchase Price: $398.5k

Primary Residence time in 1 unit: 25 months

Moved out 17 months ago

Captured depreciation on taxes every year for the 3 units that were rented.

Thanks for any recommendations!

 If units are identical, the allocation would be 1/4.

If there were specific improvements to personal unit or rented units, the allocation might have to be more tailored. That will also help you avoid cap gain as more you allocate to your personal unit, better for you. 

Talk to your advisor.