Selling Half A House...Capital Gains?
I'm buying a 2-unit multi next month. I'm going to immediately flip one unit, as a condo convert, and live in the second. Does anyone have any idea how, or if, capital gains applies if I'm technically NOT making a profit, selling only half of the house? All things being equal, I'm assuming they split my original purchase price in half and base any gains on that. Thanks. [addsig]
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You are correct. There are no profits to be taxed if you sell the condo unit for no more than half your original purchase price for the entire property.