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Updated almost 5 years ago on . Most recent reply
CPA Question Home Sale Exemption on a Multi-unit
CPA question: If you have capital gains on a multifamily property that you have lived in 2 out of the past 5 years is the home sale tax exclusion prorated to only the unit you lived in or can you use the exemption on the entire building? I'd appreciate any guidance if anyone has had experience with such a situation.
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Straight proration.....it’s like you own two different properties, a primary residence and an investment property.