Capital gains Tax

[Haemi Jung]

Hi community.

We are planning to sell our Co-Op Apartment in New Jersey this year, and we have a potential buyer. However, we are unsure whether we need to pay taxes on the capital gains from the sale. I would appreciate some guidance to gain clarity on the rules. Our last residency in the apartment was in 2020, and we have been leasing it for the past four years (2020-2024).