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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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i am a tenant in an apt building in san francisco (very liberal

Customer Question

i am a tenant in an apt building in san francisco (very liberal rent control policies) and am entertaining a lease buyout offer of around 50K as my building ownership is changing. what are the tax ramifications of any settlement/barter (free rent, etc)? my regular income is over 100K
Submitted: 6 years ago.
Category: Tax
Expert:  ShawnA replied 6 years ago.
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Shawn P Adamo, QFP, CPA/P :

The botXXXXX XXXXXne is that whatever you pay (50,000 w/ no free rent or 50,000 with a month free rent) only affects your current expenses (no rent expense but way ahead cash wise).

Shawn P Adamo, QFP, CPA/P :

Your income will have no affect and whether you make 50,000 or 100,000 there should be little difference.

Shawn P Adamo, QFP, CPA/P :

I believe this answers your question(s). If not, please let me know. Smile


 


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Shawn P Adamo, QFP, CPA/P :

TECHNICALLY yes.....but good luck for the IRS to learn of that...

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