[Fredslist] Legal/Accounting Question regarding Capital Gains

[Tuber, Nancy]

Hello Lawyer, Accountants, Anyone Else Who Knows:


My client is selling their pied-a-terre in NYC.  They live in NJ, have never sold any of their properties before - are they entitled to the $500K credit if they sell the pied a terre ( not primary residence)?  Do NJ and NY have separate rules?  The pied a terre was purchased in the late 60s or early 70s f that matters.


When and if they sell their house - probably the heirs - the credit will no longer apply?


Most important though, is the current sale....


Thank you!


Nancy Tuber

Douglas Elliman



NANCY TUBER
LICENSED REAL ESTATE SALESPERSON
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