upstairs is a rental....downstairs is owner occupied
2006-08-25 07:50:07 · 7 answers · asked by sieggabob@sbcglobal.net 1 in Business & Finance ➔ Renting & Real Estate
In most states it is 50% after the first two years. This could be placed into a dummy company; thus saving you money. But you will retain the dummy company five years before declaring non interest because of loss.
2006-09-01 16:22:26 · answer #1 · answered by Calvin of China, PhD 6 · 0⤊ 1⤋
In California you have to have lived in it for 2 years or more. It is ONE property with one title so it being a double house shouldn't matter. Also helps to take you capital gain and buy another propoerty if you have not lived in it the minimum two years.
2006-09-01 12:33:57 · answer #2 · answered by Steve P 5 · 1⤊ 0⤋
You can get the exemption on the portion of the house you occupy. The other portion is treated as rental property and depreciated accordingly. The depreciation is recaptured when you sell.
2006-09-02 00:30:23 · answer #3 · answered by Barbwired 7 · 1⤊ 0⤋
you will have to pay capital gains taxes the only way to advoid paying it is to refinance pull out all the equity so you have the cash in hand you will have to pay provider fees but it is a whole lot less then capital gains now when you sell the home you will not make much of a profit becouse you already have the equity in hand if you would like more info please reply i can finance just about any situation and you can save thousands in taxes.
2006-08-30 10:01:35 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If it was your primary residence for more than two years you should be exempt from paying capital gains.
2006-09-01 15:50:47 · answer #5 · answered by carol 1 · 0⤊ 0⤋
depends on the zoning, but if you lived there, you shouldnt have to pay capital gains, not in canada at least.
2006-08-26 03:16:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋
dont know
2006-08-31 12:53:36 · answer #7 · answered by JESUS loves 4 · 0⤊ 0⤋