Legal Question in Tax Law in New York

capital gains tax

Woman owns co-op prior to her marriage. Co-op is is woman's former name. She is selling co-op (couple live elsewhere). Woman under age 55. Spouse over age 55. Does woman pay capital gains tax when co-op is

sold?


Asked on 9/25/00, 1:36 pm

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: capital gains tax

If the co-op was the principal residence of one or both for two of the preceeding five years the couple is eligible for exlcuding the first $500,000 of gain on sale from taxable income.

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Answered on 10/24/00, 9:57 am


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