Legal Question in Real Estate Law in New York
An 88 year old widower is selling his house on Long Island. He is a WW2 vet. Will he have to pay capital gains tax if he buys another property soon after selling in Florida?
Thank you
Asked on 2/09/11, 7:16 pm
1 Answer from Attorneys
Arnold Nager
Arnold H. Nager, Esquire
He would be able to exclude the first $250,000 of gain from taxation. If a couple owned the home, it would be $500,000.
Answered on 2/11/11, 9:59 am
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