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Updated over 2 years ago on . Most recent reply
Taxes ? oninherited property that I've been renting for 10+ years
Mother passed away 10+ years ago and I inherited the house. I decided to rent out the house after living in it shortly and has been rented out 8+ years. If I go to sell the house now, are there any extra taxes due? I know on previous rentals I've had you have to pay Capitol Gains, how does that work in this situation? This is in NY.
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Quote from @Brit Devine:
Mother passed away 10+ years ago and I inherited the house. I decided to rent out the house after living in it shortly and has been rented out 8+ years. If I go to sell the house now, are there any extra taxes due? I know on previous rentals I've had you have to pay Capitol Gains, how does that work in this situation? This is in NY.
Yes, you will owe some taxes. You can get around this by selling the property and investing the money in another investment using a 1031 Exchange. But if you want to cash out and walk away, there will be taxes to pay.
- Nathan Gesner
