how do you account for selling an OWNER OCCUPIED duplex in Turbo Tax (sales, price)

[TimR76]

I owned a duplex that I sold in 2011. I rented one side and lived in the other.

For the 2011 tax year, when trying to enter the sale of the property, it wants to charge me capital gains tax (since it's entered in the rental income section as being sold) yet, as an ower occupied home with less than a $500k gain, there is no capital gain!

How do I properly account for this in TurboTax?

[NinaN]

Go to a CPA, it can be a complex calculation. At a minimum, you will have to pay capital gains tax on any amount depreciated on the rental side.

[Squirl]

Can you report it as 2 separate sales for tax purposes.....and derive a sales price for each side based on sq ft? I would try that just as an exercise......if the owner occupied side was nicer than the rental side I might put a higher price per sq ft for that side, but in the end both sales would add up to the final price...and I'd divide all closing costs by sq fttg and then be able to assign expenses to the rental side in that manner. It probably is a CPA thing, but I'd at least play with that approach just to see impact.

[Brandon Hoffman]

You go to a real accountant and let them figure it.

[DMenscha]

Click on the help button in turbo tax or call them at the number in the help area.