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Sorry for lengthy title.
We leased a condo in 2016 and then bought it in June 2020 and sold it in March 2022. We lived there throughout. We have about a $450k gain from the sale.
we always planned on staying in that condo for this amount of time. We were supposed to have purchased the condo in 2017 and the contract has a closing date in 2017.
unfortunately the seller/landlord had a lien on the condo and wasn’t able to get the lien released and close until 2020. In the meantime he agreed to take like 40% off the rent.
so I’ve lived there for 6 years straight but owned slightly less than 2 years. Will I now be required to pay a big capital gains tax because my seller couldn’t close on time?
thanks!
We leased a condo in 2016 and then bought it in June 2020 and sold it in March 2022. We lived there throughout. We have about a $450k gain from the sale.
we always planned on staying in that condo for this amount of time. We were supposed to have purchased the condo in 2017 and the contract has a closing date in 2017.
unfortunately the seller/landlord had a lien on the condo and wasn’t able to get the lien released and close until 2020. In the meantime he agreed to take like 40% off the rent.
so I’ve lived there for 6 years straight but owned slightly less than 2 years. Will I now be required to pay a big capital gains tax because my seller couldn’t close on time?
thanks!
