My perents got a legal seperation and so that my mother can live by herself she they are about to sell a 5 familly house in brooklyn. They bought this house about 10 years ago and for the past 7 we have owned it but have rented out the apartaments and have not lived in it ourselves. We own and have lived in a house on Long Island. I heard that we will have to pay 30% in taxes on the enrichment. We bought that house for 250,000 and we will now sell it for 950,000. How can i avoid this enrichment tax. We are planing on buying another house but it will be a 1 family.
Any advice will be helpful. Thank you.

AtlantaTaxExpert

I believe I already answered this question.

The only way to avoid the taxes on this sale is to delay the sale and move in to live for at least two years and probably a lot more.

RUN, don't walk, to the nearest NYC-based tax professional for consultation and advice. Your circumstances are too complicated to address properly on this forum.

iamarcin

i know that you already answered but since your sugestion wasnt of much help i was hoping that someone new would see this and contribute

AtlantaTaxExpert

Sorry I could not be more help.

iamarcin

whats with the exclamation i am not assigning blame just stating facts

AtlantaTaxExpert

My error! I fixed it.