Home Selling in Gravesend>Question Details

Timothy Wong, Home Buyer in Brooklyn, NY

Need advice - maybe selling a 3 family house

Asked by Timothy Wong, Brooklyn, NY Thu Apr 18, 2013

I'm looking for some guidance. Me and my brother currently own a 3 family house which we live. We are both married and may be looking into selling the house. We are trying to determine how handle the capital gains exemption. Do we have to split up the gain (500 k by share of ownership) or something different. Any help would be appreciated.

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Your attorney and or tax professional can accurately answer the question, therefore consider a consultation; don't just rely on online opinions....
1 vote Thank Flag Link Thu Apr 18, 2013
Essentially your right, you can split it.

Good luck with the sale.

Make sure its in good showing condition.

Lic Realtor
0 votes Thank Flag Link Mon Dec 9, 2013
Timothy Wong
If you need any help in please feel free to contact me with this question
or any concern.
RE Broker
0 votes Thank Flag Link Sat Nov 16, 2013

Diana Melerud
Superior Realty Broker
2008 Ave Y
Brooklyn, NY 11235
Office: 1(347)554-8282
Fax: 1(347)554-8283
Cell: 1(917)992-7239
Email: diana.melerud@gmail.com
See My Listings: http://diana.postlets.com
Superior Realty: http://www.superiorrealtyny.com/index.htm
0 votes Thank Flag Link Tue Jun 4, 2013
When thinking of selling your home, co-op or Condominium specialist.
We can help to quickly sell your property. I will also, handle all the details
or you so that your property will close in a smooth and expeditious manner.
I will professionally guide you through all the paperwork and negotiations on
your behalf .(including meeting with agents, lawyers, banks, inspectors and appraisers).

Please DON'T HESITATE ... CALL US TODAY if you have any questions!

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group LLC
Direct Line: 347-932-0609
0 votes Thank Flag Link Mon May 6, 2013
Hello Timothy,

Feel free to call me anytime... Advice is free.

Luke Constantino
Keller Willams Real Estate
Direct: (212) 300-3919
0 votes Thank Flag Link Fri Apr 19, 2013
It all depends on how you have been filing your taxes in the prior years. Also if you have a tenant in the 3rd apartment and have been taking depreciation, that will be put back in the capital gains bill upon the same depreciation schedule and proportionate share.
Consult an accountant regarding the sale and the impact of the tax burden and perhaps a 1031 exchange if you each want to buy in the immediate future to defer the capital gains tax now.
Good luck.
Kathryn Lilly, Broker
Realty on the Greene, LLC
0 votes Thank Flag Link Thu Apr 18, 2013
Dear Timothy:

Figuring out your capital gains tax burden can be complicated on a 3 family home because if you are reporting rent as income, the portion of the property that you are renting is viewed as a business and not a primary residence. Hence, you will not be able to exempt any of the gain on that portion of the property. Aside from that, because you both own a property that you are using as a primary residence and you are both married, each of you could get an exemption as high as $500,000, but again, if you are reporting income to the IRS, the $500,000 may be reduced based on how your using the property.

In the end, we do not have enough information here to give you a definitive answer, as a matter of fact, no matter what you read here on Trulia, make sure you speak to an accountant to find out exactly where you stand.

One more thing, if you are going to sell that house, I always have customers looking to purchase 3 family homes in Brooklyn, especially Gravesend. There is high demand for these types of properties right now. I know this because I have been selling homes in the area since 1993. Please contact me direct and I care share some insights with you to make sure that you get the highest price possible when and if you do go to sell your home. Either way, good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Apr 18, 2013
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