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Selling an apartment building where owner lives in one unit

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Level 15
Level 15
last updated ‎December 07, 2019 8:45 AM

How does IRC121 figure into this?  

Do I need to divide the sales price by the number of units and allocate a % to her as her personal residence?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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last updated ‎December 07, 2019 8:45 AM

You need to allocate using some reasonable method, yes. Then you have two sales.

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last updated ‎December 07, 2019 8:45 AM

You need to allocate using some reasonable method, yes. Then you have two sales.

View solution in original post

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Level 15
Level 15
last updated ‎December 07, 2019 8:45 AM
thank you!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15
last updated ‎December 07, 2019 8:45 AM

Lisa...are all the units the same size?  Is hers "bigger"?   

You could also use square footage to allocate.

Former Chump... umm.... AllStar.
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Level 15
Level 15
last updated ‎December 07, 2019 8:45 AM
I'll ask her, she's just toying around with the idea of selling.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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