Condo Conversion Tax Implications
Does anyone here have advice on how to best handle the following:
Bought 3 family for $538K
Rehabbed some ( market value for rehab approx $40K ).
Plan on selling 1-3 of the units for:
Unit #1 $250K
Unit #2 $250K
Unit #3 $200K
Have owned for 10 months.
Property is in Massachusetts.
Should I keep one?? Will that eliminate the Capital gains if I keep past 2 yr? or just delay the inevitable? Or should I spread out the hit over all 3 units?? Can I?? or am I asking for an audit?
Any suggestions would be much appreciated.
-MikeD
[ Edited by mikedefran on Date 02/10/2004 ]
Comments(0)