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Re: Cash settlement by landlord for vacating = capital gains

Posted by harry on January 04, 2002 at 01:09:23:

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:

: 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.

use the search box: saw this subject months ago.
this is not regular income: it is capital gains.
ps: please post link to the old message for others to find, like Lilly.

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