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Re: Cash settlement by landlord for vacating BETTER IDEA........

Posted by top on January 03, 2002 at 17:56:38:

In Reply to: Cash settlement by landlord for vacating -- best way to arrange it posted by carlson on January 03, 2002 at 12:58:39:

Couldnt you work a deal, for FREE rent for a year, then the rest in cash....

You are allowed $10,000 a year tax free as a gift......The landlord could put that as a down payment on a car....or boat etc.

You could put some of the money in in IRA and deduct it. You are over 50, so you can put MORE in your IRA each year from now on....

: I expect to receive a cash settlement from my landlord in return for giving up possession of the NYC apartment I live in.

: Other than receiving the money as a 'lump sum,' and having to lose a significant portion of it to taxes, are there any other ways I can arrange to be paid that will shelter it?

: (I'd prefer not to become involved in any 'installment' arrangement since I will probably not stay in NYC, therefore will be in a bad position should problems with that arrangement later arise.)

: I'm 52 years old and single. As 'normal income' the settlement would appear to be 30% taxable (based on 2002 rate tables). In the past, I've generally paid at the 15% rate.

: Thanks very much.

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