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Updated over 5 years ago,

User Stats

25
Posts
14
Votes
Thomas Barrick
  • Investor
  • Cincinnati, OH
14
Votes |
25
Posts

House Hack Tax Question

Thomas Barrick
  • Investor
  • Cincinnati, OH
Posted

Hey all!

I purchased a duplex in May of 2015. I lived in one unit and rented out the other unit until Aug of 2018.

I plan to sell the property within the next 2 months and should likely met $50k-$70k due to appreciation in the area.

As I have lived in one unit for 2 of the last 5 years as a primary residence, am I exempt from taxes on the gain?

My CPA said I would owe a prorated amount due to only occupying one unit.

Hoping for some additional input! Thank you!!

-Tommy

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