cross-posted from the buying/selling house board...Related somewhat to my prior questions;As I couldn't met the June 30 deadline to avail of the capital gains allowance under the 2-year rule, I renewed the lease for another year and am resigned to the fact that I will have to pay capital gains sometime down the road, whether or not I avail of Section 1031. When I sell, what valuation do I put on the property, if?I bought it for $150k but when I converted from residential to commercial, the property was deemed to the worth $300k and was taxed and insured at that level. Similar houses are currently selling in the low $400k's, in an agressive buyers market. Would it be fair to say that the taxable profit on my investment is $100k ($400k - $30k), if I were to sell today?Could the other $150k of the profit be exempt from capital gains as it is below the $250k threshold as the property was my primary residence for the preceeding 4 (continuous) years?I'm googling, but offhand does anyone know if there is a precedent?PB
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