Enrichment please
My perents got a legal separation 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.
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