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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?

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Answered in 1 minute by:
3/16/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,220
Experience: 15years with H & R Block. Divisional leader, Instructor
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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.

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

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Customer reply replied 4 months 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.

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Customer reply replied 4 months 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.

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Customer reply replied 4 months 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: 18,220
Experience: 15years with H & R Block. Divisional leader, Instructor
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Customer reply replied 4 months ago
I am rating you 5 Star. Thanks
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