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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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If I sell a second home in 2011 and take the payment in 5 equal

Resolved Question:

If I sell a second home in 2011 and take the payment in 5 equal payments, one each year in 2012, 2013, 2014, 2015 and 2016, do I have to pay capital gains on the total sale in 2011?
Submitted: 5 years ago.
Category: Tax
Expert:  Richard replied 5 years ago.

Good afternoon. You do not. You can treat this as an installment sale and spread the gain over the 5 years.

 

 

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Please be aware that the information provided here is not legal advice. Rather it is simply general information. All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

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