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Ask Chad EA, CDFA®, CFP® Your Own Question
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 3056
Experience:  IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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I own a 2 family house ,one half we carried as a investment

Customer Question

I own a 2 family house ,one half we carried as a investment property, the other half we used as our home After 40 years we are selling. am I in tiled to $500000. right off on my part
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: I own a 2 family home we carried one half as a investment property, [paid taxes on the oncome] after 40 years we are selling am I in titled to the one time $500000. RIGHToff or any part of it.
Submitted: 11 months ago.
Category: Tax
Expert:  Chad EA, CDFA®, CFP® replied 11 months ago.

Welcome to JustAnswer!

My name is ***** ***** I will be able to assist you today.

You are able to exclude up to $500,000 under IRC 121 if you are filing as married fling jointly for the portion of your home that was considered your primary residence.

Expert:  Chad EA, CDFA®, CFP® replied 11 months ago.

Would you please restate the additional questions.

Expert:  Chad EA, CDFA®, CFP® replied 11 months ago.

If you have no additional questions please take a moment to accept and rate my answer.

Thank you!

Expert:  Chad EA, CDFA®, CFP® replied 11 months ago.

Was I able to answer your question clearly and to your satisfaction? If not please let me know.

Expert:  Chad EA, CDFA®, CFP® replied 11 months ago.

Hello,

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Chad CFP ® professional