All Forum Posts by: Alexander Martinez

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! 

Damien, • The income you received from your tenant is taxable and needs to be filed using Form 1040 / that has been done every year. • What was the price you paid for the house vs. what you sold it for / bought duplex for 270 sold for 375 • How long did you live in the house / owned for 8 years • Did you make any capital improvements / put in a lot of upgrades on both sides most due to repairs , no huge additions , massive amounts of landscaping and dirt work, which I know are not capital improvements - so no

If I am RE investing into another property does that change anything ? And I have also read or heard of you live there for more than a certain time you can exclude up to a certain amount ? I was positive on the deal and ended up with money on my bank .

Hello just found out about Bp and looking forward to using it, also just made my first ever sale and stoked ! I am however worried about getting taxed on my duplex I just sold I owner occupied it the whole time and rented it the whole time what should I expect at the end of the year ?