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  • 1.  Sale of principal residence

    Silver Most Valuable Member
    Posted 09-09-2024 01:35 PM
    Hi All
    Hope all well - I miss seeing everyone
    This should be a common situation, but I don’t see a reference.
    Client purchased two separate adjoining units in Co-op in NYC many years ago.
    All ownership and residence requirements are met.
    They are now selling one unit and will consolidate living in the other unit.
    What is result of section 121 $500k exclusion.
    Do they get entire gain now and then again after two years for remaining unit?
    Do they need to allocate the exclusion now and only take a share?
    Any past experience or thoughts appreciated???
    Gary Sanders


  • 2.  RE: Sale of principal residence

    Platinum Most Valuable Member
    Posted 09-09-2024 10:14 PM

    Hi Gary

     

    The funny thing is , is that if I remember correctly, your old partner in crime, Mike, had the same scenario.   At least if memory serves correctly.  The I believe they get the full exclusion , and then again when then sell the other part  in the future.

    You are missed much . we had such a great group...

     

    Abby

     

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Ext  2   Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     

     




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