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Re: Money to Vacate

Posted by Ace on March 12, 2001 at 15:27:22:

In Reply to: Money to Vacate posted by Sue on March 12, 2001 at 13:48:46:

You should consult a tax attorney.

: I am a rent-controlled tenant in a 6-unit building in Manhattan.The new landlord has been negotiating vacate agreements with cash buyouts & we are now down to 2 occupied apartments. Does anyone know if the cash buyout is considered ordinary income or capital gains? At what rate would it be taxed? Also if a lawyer negotiates the settlement, are his fees tax deductible since they resulted in taxable income?

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