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by chrystal rauschkolb on December 28th, 2005
In short, you will pay capital gains tax on the side you did not live in, unless you do a 1031 exchange with the value of that rented side of the duplex and purchase another investment property within 180 days of sale of the duplex. You will need to make this "declaration" when you go into escrow on your duplex. Consider living in the currently "rented" side for 2 additional years to exclude the entire gain up to the max $$ limits (500K married, 250K single).
What is capital gains tax on real estate?
by Answerbag Staff on May 4th, 2010
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A UK widow signs over her home to her three children. Six years on she gives her consent for the children to sell it. Could they be liable to CGT?
by Hainbest on June 4th, 2009
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I recently sold an investment property and want to purchase another home for retirement in another country while keeping my current residence will I be required to pay capital gains tax on the profit of the investment property if so what percentage?
by crossi on January 23rd, 2009
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My mother bought a house in 1996 for $110,000 cash. With provisions that upon her death, (in 2002), the house would automatically be put into my sister's and my name. In 2002, the house was worth $270K. We are selling it, do we need to pay capital gains?
by Anonymous on February 17th, 2009
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bought home with mom 3yrs ago 78K,She put down 16K,I took 46K mort, govt paid rest(imm domain). What capital gains if we sell for 80000
by dstevens73 on May 4th, 2010
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You're reading What will be the capital gains tax on the sale of a duplex if I lived in half of it 2 out of the past 5 years while renting the other side, and then buy a single family home I will use as a rental property?
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