It may have been the result of a job, a growing family, a much-needed life change– regardless, life brought new opportunities, and thanks to duplexes being worth less than what was owed, many found it necessary to rent their properties out.
With vacancy rates as low as two percent in some areas of the Twin Cities, this turned out to be a good thing. Rent is high, causing many duplexes to produce more cash flow than they ever have before.
Now that the market’s rebounded and there’s very little inventory for duplex buyers to chose from, it’s a great time to sell your Minneapolis duplex.
There may be a snag in your plans, however. If you haven’t lived in your duplex two of the last five years, your proceeds from the sale may be subject to capital gains tax.
Now that the duplex market has fully rebounded, it’s important for duplex sellers to be aware of all of the ramifications of having made money on their property. There is no one, sweeping rule as to who owes what, so be sure to check with your tax professional before the duplex is active on the Multiple Listing Service.