Legal Question in Tax Law in New York

Capital Gains

I am 61 living in Florida and own a NY Commercial Bldg. I have a developer offering 1.5 Mil for it. I received it as part of my inheritance .

What would be the Tax liability on the sale. I am retired on SS Disability and the property is part of my trust (revocable)


Asked on 12/15/07, 9:00 pm

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Re: Capital Gains

It appears that any gain will be taxed as log-term capital gains (15% maximum). Gain is your basis (inherited value plus and improvements and/or other capitalized items), plus closing costs, all of which is deducted from the selling price. The net will be taxed either at your regular bracket or 15%, whichever is less. This is a response to an Internet question and the reply is not intended to be legal advice or as creating an attorney-client relationship.

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Answered on 12/16/07, 10:41 pm


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