It's a building that has tax abatement until 2022 in nyc. The owner had lived in the unit for 2 years and renting it more than 5 years. Now thinking to sell the unit before tax abatement ends but how much tax will be charged?
What if the owner occupies the unit again for 2 years and sell it, can the owner still exclude a gain of up to $250,000 without paying taxes?
The owner pays for mortgage and more than 50% left to be paid.
I would appreciate any advice.
What if the owner occupies the unit again for 2 years and sell it, can the owner still exclude a gain of up to $250,000 without paying taxes?
The owner pays for mortgage and more than 50% left to be paid.
I would appreciate any advice.
