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Do I have to pay capital gains on triplex homestead/rental property
I lived in a house for the 11 years I owned the property. It was a house with a small duplex attached. I completely remodeled the house and put minor work into the rentals, now I am paying capital gains tax on all when the value of the house is what made the price of the property go up in value? How can I work this out to show the value of the house increased the price of the property - not so much the rentals?
The simplest way to do that would be to structure the deal as 2 transactions - one for the house and one for the duplex. This is probably worth paying for the advice of a tax attorney.
The simplest way to do that would be to structure the deal as 2 transactions - one for the house and one for the duplex. This is probably worth paying for the advice of a tax attorney.
…also, keep in mind any improvements you did to the house count toward the basis of the house. It isn’t just the price you originally paid. If you don’t have receipts, you can get an independent appraiser to give you a receipt for the value of the improvements.
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