Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I sold my 2 family house last year, 1 unit was rental, We…

I sold my...

I sold my 2 family house last year, 1 unit was rental, We are married couple but only my was there in the deed.I have a net capital gain 502000, can We exclude 500000 capital gain from this sale?

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/16/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,624
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Tax Question

Yes but only on the personal use side not on the sale of the rental side.

Ask Your Own Tax Question
Customer reply replied 1 month ago
if we would used whole house i mean 2 units as our primary residence- could we exclude 500000 as married couple.

Yes

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

Ask Your Own Tax Question
Customer reply replied 1 month ago
can i use 2 units as my primary residence as per IRS rule?

Yes you could have but you said you used one side for rental and I am assuming you have been reporting as rental.

Ask Your Own Tax Question
Customer reply replied 1 month ago
I am. But next time We will use 2 unit as primary residence to avoid capital gain tax.

Ok

I trust this conversation has been useful

A positive 5 star rating is appreciated so I am credited for assisting.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,624
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
I am rating you 5 Star. Thanks
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,624
17,624 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,624 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Are we able to adjust our Taxes with capital gains used for
Are we able to adjust our Taxes with capital gains used for college … read more
abci168
abci168
Principal
27 satisfied customers
Where do I report capital gains distributions in Turbo Tax?
Where do I report capital gains distributions in Turbo Tax? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Tax question. I realized 25,000 in capital gains at federal
tax question. I realized 25,000 in capital gains at federal level and was not taxed because my income bracket was low enough. My kansas return shows me paying capital gain tax. is that correct… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about capital gains tax. We sold a house
I have a question about capital gains tax. We sold a house last year that we built about 30 years ago. Our initial cost in building was about $65,000 and the land value was $10,000. Over the years we … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
Does capital gains raise me into higher tax bracket? Stock
Does capital gains raise me into higher tax bracket? … read more
abci168
abci168
Principal
27 satisfied customers
I have a question about capital gain tax. I thought that
I have a question about capital gain tax. I thought that when I apply the gain from a sale of my old home to the purchase of a new home within 2 years I can avoid paying capital gain tax … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about capital gains tax. If I sell my
Hello. I have a question about capital gains tax. If I sell my house before living in it for 2 years due to changes in my family (I had a baby and need a larger home) is there a way to avoid paying th… read more
abci168
abci168
Principal
27 satisfied customers
Colorado Capital Gain Subtraction - there is a Colorado
Colorado Capital Gain Subtraction - there is a Colorado income tax provision that excludes capital gains earned from either real or tangible personal property that is located in Colorado (https://www.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,624 satisfied customers
I have a question about -term capital gain tax rate for 2018
I have a question about long-term capital gain tax rate for 2018 for an investment property … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
I have a question about term capital gain tax rate for 2018.
I have a question about long term capital gain tax rate for 2018. I bought a commercial property under my name and held on to it for 4 years. I sold it in January 2018. I filed my income tax return fo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Iowa Income Tax. Is 100% of capital gains on the sale of a
Iowa Income Tax. Is 100% of capital gains on the sale of a rental property deductible if the requirement is met for hours spent for management of the property? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
How is the sale of a partnership reported on the personal
How is the sale of a partnership reported on the personal 1040 tax return? and how is "personal" goodwill recorded on the partnership since it is closing? … read more
Cole Parker
Cole Parker
Principal/CPA
Bachelor\u0027s Degree
87 satisfied customers
What is the tax rate of capital gain when I sell the rental
What is the tax rate of capital gain when I sell the rental property in the regular yearly income tax bracket of 10-15%? … read more
Carter McBride
Carter McBride
LLM
967 satisfied customers
Is there a capital gain rate for corporations or the
HiIs there a capital gain rate for corporations or the corporation is taxed at the 21% rate as ordinary income ? In other words? if the crop earns only passive income then is it still the 21% tax brac… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,067 satisfied customers
What would the rate of capital gains tax on income property
what would the rate of capital gains tax on income property held for 25 years by an owner who of late had and will have income of less than20,oooIt is also my understanding we (my brother and I) are e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,624 satisfied customers
What is the capital gain tax for a corporatized farm land
Hi What is the capital gain tax for a corporatized farm land sale … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm canadian who want to understand capital gains tax rate.
Hi, i'm canadian who want to understand capital gains tax rate.I have a rental house that i bought at 500K. I sold it after 9 yrs at 1100K. With the money, i bought a new house (will be my primary res… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,943 satisfied customers
Estate capital gains tax rate for 61, single, unable to
estate capital gains tax rate for 61, single, unable to work, is claimed as a dependent form sister,only income collects $500 month stipend from gov., which pays for health insurance and meds. is gett… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x