Asked by 3J8F7H4M2L3, Brooklyn, NY • Sun Sep 23, 2012
A few years ago, I received a buy out check from my landlord once I vacated the rental property. There were many conditions that needed to be fulfilled before I received the check, which I had met.
The check was cut from an account that is tied to the landlord's condominium reserves account (same building, it went condo, I was the last rental tenant)
Should the landlord have claimed this amount on his taxes?
Should I have claimed this amount on my taxes?
If yes to the 2nd question, what tax category is the "buy out" considered on the IRS and NYS income tax forms?
Thank you in advance for your responses
PS. this is a re-post. I had posted it in the wrong section before.
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