Capital Gains on a Subdivide/ Partial Release

[Sean Connolly]

Hello All, 

Looking for a bit of insight on some future tax issues. I am at the tail end of subdividing my property. I have a duplex, single family home, and a wooded lot ( all on one mortgage), that are now all separate lots. I have owned and lived at the property for 4 out of the last 5 years. I am currently selling the single family and the wooded lot. I will be keeping the duplex. I am curious how taxes/capital gains would work on these sales. I hoped that because it was all "one property" and I have lived at the property long term, that I would not have to pay capital gains, however, I don't expect that happy ending. If anyone has any idea how the taxes on this would work, I'd really appreciate it. I have talked to my accountant briefly on it, and he did not give me a straight answer. Here are the numbers below.

Original mortgage amount was $319,900

Current Mortgage balance is $289,000

Single Family sale is $245,000 minus 5% Agent commission ($12,250) = $232,750

Wooded Lot sale is $90,000 minus 5% Agent commission ($4,500) = $85,500

Thanks for any help/insight given!