Asked by macutan, Brooklyn, NY • Wed Sep 25, 2013
Hi there, we are in the process of asking our co-op to sell to us a unit in our building that all of us (shareholders) in the co-op own. The original shareholder and owner of that unit bankrupted many years ago and the bank sold the unit to the remaining shareholders (us) for what it is now considered a very low price (letâ€™s round that price to $40,000).
Can anyone give us an idea of what would be the capital gain tax impact of this sale assuming we buy it for $500,000? I am not aware of how or where to get the tax percentage.
Any guidance will be greatly appreciated,
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