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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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Now my question is if it is a capital gain owner( rent

Customer Question

now my question is if it is a capital gain for the owner( rent stabilized buyout in NY ) . then how am I taxed on my income from the buyout in ny as a capital gain what is the chart rate...based on amounts given .what would be rates of ordinary income in Florida
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I am a CPA, I would be happy to help you with this question. The buyout of your lease would be considered the sale of a contract. As a result, if held longer than 1 year this would receive long term capital gain treatment. For most people the long-term rates are 15%. If you are in the 10 or 15% bracket the tax rate is zero. If you are in the highest tax brackets the capital gain rate goes to 20%.