N
neilwilson
Guest
What is the name of your state? nj
What is the name of your state? Nj
we are trying to sell our house.
its is a legal 2-family, and we have been there for 10+ years we never rented it out.
we live in one family and the other is often been used by us, closed or our relative who come to vist us from out of country or out of state and stay in the other apartment for 6 months or so- and pay the utilites since they stay there for long perid, but no rent, did that 2 times in last 10 years- 6 months twice.
my questions is:
are we liable for any capital gain taxes or any other taxes when we sell this place?
( i understand that 500K is tax free from capital gains for couple as os 2001) on personal residence , we use it as a personal residence only, we have been here for 10+ years.
please reply asap..
thanks
What is the name of your state? Nj
we are trying to sell our house.
its is a legal 2-family, and we have been there for 10+ years we never rented it out.
we live in one family and the other is often been used by us, closed or our relative who come to vist us from out of country or out of state and stay in the other apartment for 6 months or so- and pay the utilites since they stay there for long perid, but no rent, did that 2 times in last 10 years- 6 months twice.
my questions is:
are we liable for any capital gain taxes or any other taxes when we sell this place?
( i understand that 500K is tax free from capital gains for couple as os 2001) on personal residence , we use it as a personal residence only, we have been here for 10+ years.
please reply asap..
thanks