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oops. clarification

Posted by chelsea on March 14, 2001 at 09:16:36:

In Reply to: tax question posted by chelsea on March 13, 2001 at 14:34:14:

I just realized I accidentally took the name off the 1999 message I posted here, so it may look as if I wrote it. It was actually by "dk."

What I wonder is if a rent controlled tenancy is a capital asset, what is the original cost? What is the amount that the tax is applied to?

: Here is an answer posted to a similar question on this forum a couple of years back (below)

: By the way, I wouldn't necessarily follow the advice about not hiring a lawyer or accountant who doesn't immediately answer your question a certain way. Careful lawyers and accountants look things up. Tax laws change all the time, and there's not always one "correct" approach.

: -------

: In Reply to: Housing Court deals posted by Jean F on March 04, 1999 at 00:03:02:

: The Internal Revenue Service says that buy-out payments like the one you describe are taxable gains. That means the 20%
: maximum rate on long term capital gains applies if you have lived in the apartment for at least a year. Don't forget to add state
: and city taxes also to figure out how much will be left after the government takes its share.

: Some argue that leasehold buyouts fall within the exclusion of gain for the sale of a residence. So far IRS does not agree, but at
: least one tenant has successfully the point in the small claims division of the Tax Court.

: : I'm a NYC rent stabalized tenant and just had my first day in Housing Court yesterday. The landlord's lawyer offered to forget
: the 3 months rent and pay me extra, like a couple of thousand, to move out soon. I lost my job, I can live with my brother for
: awhile. Is any of this money, the rent part or the extra part, taxable? If I can get them up to say $4000 and I can keep all of it,
: then its $4000. If theres tax, its

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