Capital Gains Tax Surprise

[Gabrielle Martin]

Recently closed a sale on my fourplex and was surprised to see I still owed capital gains tax on the 3-units I didnt live in. I've always been told theres no capital gains tax on your primary residence after 2 years if the proceeds are under $250K so just want to give a heads up for anyone who's selling to look into their local tax laws.

I definitely couldve looked harder, but lesson learned!

[Gabrielle Martin]

Originally posted by @David Hutson:

@Gabrielle Martin,

Yes, they want their money.  Since the other three units were not your primary residence capital gains would apply.  

Congrats on the sale and hopefully you still made some money.  

 Yeah luckily its still a 6-figure profit. It just hurt a little. LOL