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For tax purposes, how to I account for the conversion of my 2 family house into condos if I sell both?


I lived in one. The other was a rental that sat empty for 2006.

You have two separate transactions.

1) The one you lived in: If you lived in the condo for 2 of the past 5 years, and gain up to $250k ($500k if married) would be tax free.

2) The Rental: You will have to pay Capital gains tax on the profit of this sale plus taxes on the depreciation recapture.
1031 exchange.
Call the IRS 1-800-452-1040
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