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Updated almost 5 years ago on . Most recent reply
Selling Duplex in Minnesota
My wife and I are looking to buy a duplex and house hack it for 2 years. If after those 2 years, I rent out both sides but sell the property in less than 5 years, would I have to pay capital gains taxes on it since I lived in it for 2 of 5 years? It would be valued at under 500k.
Most Popular Reply
@Ilya Plugovoy
If you live in only one of the units and rent out the other unit, a portion of the sale would be subject to tax.
You may be able to exclude the portion that you lived in and defer the other portion if you do a 1031 exchange.
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Basit Siddiqi CPA
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