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Updated almost 8 years ago,
First Sale of Owner Occupied Duplex and Need Some Help With Taxes
I am a do it your self kind of person and currently using H&R Block tax software to prepare my tax documents for this year. Had two things happen this year which was a sale of a owner occupied duplex and used those proceeds to purchase a owner occupied four plex. I met all the requirements to exclude lived in for 2 of 5 years etc etc. I am just trying to make sure I am completing the appropriate forms, I got through the section about capital gains on my side of the duplex, and was able to exclude the gain due to being under 500k for married couples. There was a note about filling out form 4797, my question is do I include the sales price as 100% or 50% not only only the owner section part of the forms but also on the form 4797? And is it necessary to be filling out form 4797 ? What sections of form 4797 should I be filling out. I do understand I should talk to an accountant but open for suggestions as I know not all situations are alike. We did not have any major capital improvements, pretty much everything done to the property was either a repair and or supplies, advertisements standard. Any help would be appreciated thanks!