Duplex sale and residential exclusion

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date Duplex sale and residential exclusion HW \"Skip\" Weldon 11-01-2007  Re: Duplex sale and residential exclusion PeterL 11-01-2007  Re: Duplex sale and residential exclusion kastnna 11-01-2007  Re: Duplex sale and residential exclusion HW \"Skip\" Wel... 11-01-2007
Posted by HW \"Skip\" Weldon on November 1, 2007, 1:36 pm Situation: Owner of duplex has lived in half and rented the other half of a duplex for almost 50 years. Is going to sell and travel the world. My guess is that half of the sale will be covered by the residential exclusion and the other half as fully-depreciated rental property. Does anyone have a problem with that? Alternatively, could they stop renting the other half, wait two years, sell and then consider the entire sale covered by the residential exclusion? -HW "Skip" Weldon Columbia, SC Posted by PeterL on November 1, 2007, 3:57 pm On Nov 1, 10:36 am, "HW "Skip" Weldon" > Situation: Owner of duplex has lived in half and rented the other half > of a duplex for almost 50 years. Is going to sell and travel the > world. > > My guess is that half of the sale will be covered by the residential > exclusion and the other half as fully-depreciated rental property. > Does anyone have a problem with that? > > Alternatively, could they stop renting the other half, wait two years, > sell and then consider the entire sale covered by the residential > exclusion? > > -HW "Skip" Weldon > Columbia, SC Can owner not move to the other half and live in it for two years and have the entire thing excluded? Just wondering. Posted by kastnna on November 1, 2007, 4:51 pm > On Nov 1, 10:36 am, "HW "Skip" Weldon" > > > Situation: Owner of duplex has lived in half and rented the other half > > of a duplex for almost 50 years. Is going to sell and travel the > > world. > > > My guess is that half of the sale will be covered by the residential > > exclusion and the other half as fully-depreciated rental property. > > Does anyone have a problem with that? > > > Alternatively, could they stop renting the other half, wait two years, > > sell and then consider the entire sale covered by the residential > > exclusion? > > > -HW "Skip" Weldon > > Columbia, SC Has owner been depreciating the half rented out? Posted by HW \"Skip\" Weldon on November 1, 2007, 6:19 pm wrote: >Has owner been depreciating the half rented out? Yes. (Ouch.) -HW "Skip" Weldon Columbia, SC Similar Threads Posted Annual Gift tax exclusion March 8, 2007, 11:45 am Short sale? January 5, 2008, 6:57 am Wash sale? January 13, 2008, 12:07 pm short sale advise. May 31, 2007, 1:22 pm Munis: Sale of the Century? October 22, 2008, 3:50 pm Capital gains on land sale October 14, 2007, 6:44 am possible to get sale prices of condos in my building ? November 1, 2007, 5:05 am stock sale / Emergency Fund question. May 28, 2008, 11:57 am