Legal Question in Real Estate Law in Virginia
Profit from sale of real property
I own a home in Fairfax County, VA. I have owned the home since 1991. I have lived overseas for the past 4 yrs working for the Federal Govt (DOD and DOS). I have rented out the home during these last 4 yrs (the home was my primary residence from '91 to '98). What are my tax liabilities (state and federal) if I sell the home? I do not plan to buy a new home within the next 3-5 yrs. I do not own any other real property.
Thank you,
Stan
2 Answers from Attorneys
Re: Profit from sale of real property
Careful planning and structuring of any VA principal residence/rental property sales transaction is essential as you may be eligible for gain exclusion if the transaction is properly structured. Further development of the facts is required in order to plan for optimal real estate and tax transaction results. There are VA and Federal tax issues and VA real estate issues that need to be carefully considered and dealt with. An experienced tax and real estate attorney should be able to handle this under VA law. Please note that my legal services are available only with a signed engagement agreement in accordance with the Code of Professional
Ethics applicable to attorneys licensed to practice law in VA. If I can be of any help to you or people you know, give me a call as I would be pleased to provide tax/legal support. Sincerely, Robert Beatson, II; 9-24-2002, 8:10 p.m. EST; Law Offices of Robert Beatson, II; 9818 Glynshire Way, Potomac, MD 20854; Tel/Fax 301-340-2951; email: [email protected]; website: www.beatsonlaw.com; Licensed to practice law in DC, MD, VA, and NY.
Re: Profit from sale of real property
You might be eligible for something in the federal tax code called a Starker Exchange which could limit significantly what otherwise could be
a very substantial tax liability if you were to
simply sell the property without taking advantage
of the usual rollover option.
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