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Re: Money to much?

Posted by Sue on March 12, 2001 at 16:29:39:

In Reply to: Re: Money to much? posted by dave on March 12, 2001 at 16:12:56:

It's great that people are so quick to respond to new posts, but you've lost the intent of the question.

Yes - I know I can consult a tax expert.

As far as the details - this is all still very up in the air & NOT something I'm asking advice on.

I was simply inquiring is anyone out there knew anything about how this sort of agreement is handled - taxwise.

If someone does - I'd appreciate their input.

Otherwise - thanks for the concern.
: Well how much money are we talking about $50,000? more less?

: When does he want you to move?.... Can it be delayed until january,2002?.... and get Half in december 2001 and the other half in january 2002.. to save some on taxes?

: Do you really really want to move? Is your JOB secure? or do you want to retire and move to Florida? $50,000 is not much if you want to stay in new york city, UNLESS you immediately put in towards a downpayment on a home.

: just some basic questions

: : 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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