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I need info on how to report a residential 2 family home…

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Hi! I need...

Hi! I need info on how to report a residential 2 family home which I lived in

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

For 13 years - one floor of the house was rented - The sale price is close to my purchase price. I know there is some sort of exemption on profit, if any.

Accountant's Assistant: Is there anything else important you think the Accountant should know?

How will I report this home sale and how will I carry forward the net profit or loss in the first page of my 1040 form? This is all for now unless I can think of other concerns later. Thanks.

Submitted: 4 months ago.Category: Tax
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Answered in 4 minutes by:
3/13/2018
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,125
Experience: Taxes, Immigration, Labor Relations
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You will need to treat that property as two separate assets - personal a rental.

For personal part - you are allowed to exclude the gain - up to $250k for a single person.

For rental part - you will need to calculate the gain based on adjusted basis.

Your purchase price should be adjusted by depreciation - allowed or allowable while the property was rented.

That sale is reported ion form 4797 attached to your tax return.

Let me know if you need any help with calculations.

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Tax Professional: Lev, Tax Advisor replied 4 months ago

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