How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law, Attorney
Category: Estate Law
Satisfied Customers: 6845
Experience:  30+ yrs. handling probate estate, wills, trust, inheritance & real estate related matters
18215332
Type Your Estate Law Question Here...
Irwin Law is online now
A new question is answered every 9 seconds

Background: I am the beneficiary of fees that are generated

This answer was rated:

Background:
I am the beneficiary of fees that are generated by a deed restriction on real estate. The deed restriction was filed in the public records more than a year ago. I just sold my rights to that future income.

Question
Is the sale considered a long term capital gain?

Hello. On what date did you acquire the rights that generate the income, and on what date did you sell them? If there are 365 days in between the acquisition and selling dates, then the profit looks like a long term capital gain.

I hope that this information is helpful. If not, and you need further information, please do not rate this Answer and just send me a Reply asking for clarification. After that, I hope you will enter a positive rating so that I will be compensated for assisting you. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.

 

Irwin Law and other Estate Law Specialists are ready to help you

Related Estate Law Questions