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gk77_2
Level 6
April 4, 2023
Solved

SALE OF OWNER OCCUPIED TWO FAMILY HOUSE

  • April 4, 2023
  • 1 reply
  • 15 views

Hi,

My client purchased a 2 family home in 2018.  He occupied Unit #1 with his wife and kid.  Unit 2 was  used as a rental unit on Sch E. He sold the house in 2022. How should i take the home sale exclusion for primary home and how can i show the capital gain for the investment part. How do i allocate the amount? Pls advise

This topic has been closed for replies.
Best answer by Just-Lisa-Now-

With the limited info, I guessed it was a duplex, but if this 2 family home isnt 2 equal dwellings, then yes, the % could be skewed.

1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
April 4, 2023

split it in half, half as sale of rental, half as sale of personal residence.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    G
    gk77_2Author
    Level 6
    April 5, 2023

    THANK U SO MUCH....

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