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Updated over 6 years ago,
Capital Gains Owner Occupied Exemption for Triplex units
Hi for those of you that live in a multi unit (1-4 units) I was wondering how you take the owner exempt cap gains writeoff ? (250k individuals and 500k married--must be 2/5 years)?
For instance if you live in a triplex you own.
Could you live in one unit for 2 years, then another unit for 2 years then sell it so you can take the 250k exemption (i'm divorced and single) off of 2 units you lived in? So lets say you bought for 500k and sold for 800k [300k capital gain] could you then deduct 200k (2/3 of the 300 k capital gains since you lived in the 2 out of 3 units???