Legal Question in Real Estate Law in Massachusetts

real estate taxes/sale

selling a small interest i have in a property do not live there will i have to pay capital gains is it 50%.and do i have to report it


Asked on 4/04/09, 10:20 am

2 Answers from Attorneys
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: real estate taxes/sale

Insufficient facts. Check with your accountant.

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Answered on 4/05/09, 9:50 am

Re: real estate taxes/sale

If you have owned the property for at least a year or inherited then you pay long-term capital gains tax which is 20%. You pay the difference between your basis in the property and the amount received.

Yes you should declare the income whether you get a 1099-S or not.

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Answered on 4/04/09, 6:31 pm


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