|
#2
11-01-2007, 09:19 PM
| |||
| |||
 Re: Duplex sale and residential exclusion On Thu, 1 Nov 2007 15:51:22 -0500, kastnna <kastnna[at]auburnalum.orgwrote: - quote - > Has owner been depreciating the half rented out?
Yes. (Ouch.)-HW "Skip" Weldon Columbia, SC |
|
#1
11-01-2007, 07:51 PM
| |||
| |||
| Re: Duplex sale and residential exclusion On Nov 1, 2:57 pm, PeterL <po.n...[at]gmail.com> wrote: - quote - > On Nov 1, 10:36 am, "HW \"Skip\" Weldon"
Has owner been depreciating the half rented out?> <skip5700removet...[at]hotmail.com> wrote: > > Situation: Owner of duplex has lived in half and rented the other half > > of a duplex for almost 50 years. Is going to sell and travel the > > world. > > My guess is that half of the sale will be covered by the residential > > exclusion and the other half as fully-depreciated rental property. > > Does anyone have a problem with that? > > Alternatively, could they stop renting the other half, wait two years, > > sell and then consider the entire sale covered by the residential > > exclusion? > > -HW "Skip" Weldon > > Columbia, SC |
|
11-01-2007, 06:57 PM
| |||
| |||
| Re: Duplex sale and residential exclusion On Nov 1, 10:36 am, "HW \"Skip\" Weldon" <skip5700removet...[at]hotmail.com> wrote: - quote - > Situation: Owner of duplex has lived in half and rented the other half > of a duplex for almost 50 years. Is going to sell and travel the > world. > My guess is that half of the sale will be covered by the residential > exclusion and the other half as fully-depreciated rental property. > Does anyone have a problem with that? > Alternatively, could they stop renting the other half, wait two years, > sell and then consider the entire sale covered by the residential > exclusion? > -HW "Skip" Weldon > Columbia, SC Can owner not move to the other half and live in it for two years and have the entire thing excluded? Just wondering. |
|
#-1
11-01-2007, 04:36 PM
| |||
| |||
| Duplex sale and residential exclusion Situation: Owner of duplex has lived in half and rented the other half of a duplex for almost 50 years. Is going to sell and travel the world. My guess is that half of the sale will be covered by the residential exclusion and the other half as fully-depreciated rental property. Does anyone have a problem with that? Alternatively, could they stop renting the other half, wait two years, sell and then consider the entire sale covered by the residential exclusion? -HW "Skip" Weldon Columbia, SC |
| Tags |
| duplex, exclusion, residential, sale |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| taxes on sale of a duplex if 1/2 of duplex is used as a rental property dingodog_1979@yahoo.com: I have the following tax-related question to the gurus out here. Situation is as follows: 1/2 of duplex is used as a primary residence, 1/2 is... | Taxes | 2 | 06-04-2007 02:30 AM | |
| Residential exclusion - contiguous property in 2 years tomchand@gwi.net: Taxpayer sells his long time home in, say July 2004. In September 2006 he sells a piece of land that was next to the residential home and land that... | Taxes | 3 | 04-09-2007 07:29 AM | |
| Residential exclusion Vernon Lee: Facts: Singel taxpayer owns a home for 10 years, converts it into a rental on 1/1/00 and moves out the day before to a new residence. On 2/2/03,... | Taxes | 17 | 08-15-2004 07:10 PM | |
| Sharing a duplex--capital gains exclusion? Mya70: My friend and I were thinking about buying a duplex together and then owner-occupying each side of the place. Since this would be our principal... | Taxes | 3 | 09-25-2003 04:54 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
