Additional Information:

What are the tax implications when it sells? Thanks in Haverhill, MA

ATTORNEY ANSWER:

Assuming you have owned the property for over one year, and given that you own a 25% interest in income property, you would have to pay capital gains tax on the difference between your net gain(after capital improvements, costs of sale i.e. broker’s commisssion)–the current applicable Massachusetts capital gains tax is five percent (5%).

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The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and civil litigation (in connection with these practice areas). The law firm has offices and attorneys in Naples, Florida, Waltham, Massachusetts, and Salem, New Hampshire.