Short term vs long term asset capital gain taxes

[Amy Xu]

Hello BPers,

I know that short term assets are considered assets held for under a year and long term assets are considered assets held over a year.

I have a duplex that I am considering selling. Originally I was living on one side and renting out the other side. So the duplex was considered a personal property. My work relocated me so I rented out the unit I was living in. This was all less than a year ago. Does the short vs long term asset 1 year classification start on the day I purchased the property or does it start the day the duplex became a full investment property? I want to make sure I am getting taxed at the long term asset rate vs the short.