Legal Question in Real Estate Law in New York

My apartment building burned total loss. Not my primary residence. I owed $28,000 on the building and received $60,000 for loss and $6,000 for loss of rent. I paid an adjuster $3,500. I paid someone $5,000 to take the building (sold)

Do I have to pay rtaxes on my insurance money received?


Asked on 9/08/09, 11:17 am

1 Answer from Attorneys
Michael Markowitz Michael A. Markowitz, PC

It would depend on how much you paid for the building. You may be responsible for captial gains tax. This question is best suited for an accountant.

Mike.

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Answered on 9/14/09, 8:50 am


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