3J8F7H4M2L3, Other/Just Looking in Brooklyn, NY

Is a landlord "buy out" taxable?

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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Answers

2
Dan Tabit, Agent, Issaquah, WA
Sun Sep 23, 2012
I agree with Anna, you are asking a tax question that happens to be about real estate. My wife was an accountant and spent lots of hours trying to keep up the all the IRS laws and changes. As a Broker, my license doesn’t allow me to answer questions outside of my training and expertise.
The IRS website has a ton of information you can search and may find an answer on your own or talk to a Tax Accountant.
1 vote
Hi Dan, Thank you for your response.
Flag Mon Sep 24, 2012
Anna M Brocco, Agent, Williston Park, NY
Sun Sep 23, 2012
When it comes to any tax related questions, it's always in one's best interest to consult with a tax professional, and or, tax attorney.
1 vote
Hi Anna, thank you for your response.
Flag Mon Sep 24, 2012
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