Capital Gains Tax in CT?

Question

I sold a 2 family house last month for $280K where my family and I resided in for 7 years (we lived there 2 of the last 5 yrs).
We were told that we would only be required to pay half of the capital gains taxes on the profit of the sale?
We will be seeking legal support to pay the taxes due next year but wanted to be prepared and have an idea of what to expect?
Thanks for any advice in advance!

The property was initially purchased for $83,000 but we refinanced the loan and owed $95,000 at time of sale.
Tenants on other floor rented for $800 a month. Not sure how I would go about finding out depreciation info?

Answer 1

I am sure there is somevalues you could make but assumeing each part is worth 50% and no depreciation i would say this..

on you family residence not tax liabilty on the rental property

41,500 cost
47,500 loan
89,000 basis

140,000 Sales Price minus 89,000 basis is 51,000
51,000*.15(highest cap gain rate could be as low as 5%)= 7,650

It think that would be a rough number.

Answer 2

Without knowing what you paid for it and how much depreciation was allowed or allowable for the rented portion it's not possible to say.