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Posted by Sue on March 12, 2001 at 13:48:46:

I am a rent-controlled tenant in a 6-unit building in Manhattan.The new landlord has been negotiating vacate agreements with cash buyouts & we are now down to 2 occupied apartments. Does anyone know if the cash buyout is considered ordinary income or capital gains? At what rate would it be taxed? Also if a lawyer negotiates the settlement, are his fees tax deductible since they resulted in taxable income?

Follow Ups:

• Re: Money to Vacate Nick 03/30/01 (0)
• tax question chelsea 03/13/01 (1)
  • oops. clarification chelsea 03/14/01 (0)
• Re: Money to Vacate is capital gains Sam 03/13/01 (1)
  • Re: Money to Vacate is capital gains Sue 03/13/01 (0)
• Re: Money to Vacate..how much? dave 03/12/01 (1)
  • Re: Money to Vacate..how much? Sue 03/12/01 (0)
• Re: Money to Vacate Ace 03/12/01 (0)

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: I am a rent-controlled tenant in a 6-unit building in Manhattan.The new landlord has been negotiating vacate agreements with cash buyouts & we are now down to 2 occupied apartments. Does anyone know if the cash buyout is considered ordinary income or capital gains? At what rate would it be taxed? Also if a lawyer negotiates the settlement, are his fees tax deductible since they resulted in taxable income?


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