<dingodog_1979[at]yahoo.com> wrote:

- quote -

If the half of the duplex you lived in was your primary
residence for no less than 2 of the last 5 years before
sale, any gain up to 250,000 if single/500,000 if married
filing joinly in the year of sale. The other half, assuming
the cost minus depreciation on a straight line basis is less
than proceeds on the rented half (ie, you prorate the sale
based on a reasonable formula) is a passive income capital
gain which helps use up any PAL carryforwards.

Mike

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<dingodog_1979[at]yahoo.com> wrote:

- quote -

Have you lived in and owned half for over two years?

What was the purchase price?

How much depreciation was taken or allowed on the rental half?

What is your other income?

Seth

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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 rented to a tenant. If the duplex
is sold (estimated sales value $220k), what will the taxes
be on this sale? The duplex was purchased about 7 years ago
and will be sold as a part of divorce settlement, if that
matters.

Thank you!

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >