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Questions Answered by Marc A. Lewin
1 Answer | Asked in Tax Law for New Jersey on
Q: I have owned my home for 2 Years, 5 months. The first year we owned it, it underwent massive renovations

and we couldn't live in it, so we temporarily rented nearby. We have only physically lived in the home for 16 months. Are we subject to capital gains if we sell now?

Marc A. Lewin
Marc A. Lewin
answered on Jan 24, 2016

There's no clear answer provided in the tax laws that would establish your right to the income exclusion for the sale of a principle residence under IRC section 121. The regulations provide that in the case of a taxpayer using more than one property as a residence, whether property is used by... View More

1 Answer | Asked in Tax Law for Rhode Island on
Q: Does RI impose a RE coveyance tax if the real property is transferring the controlling interest only?
Marc A. Lewin
Marc A. Lewin
answered on Oct 2, 2015

Effective July 1, 2015, Rhode Island now imposes a realty conveyance tax on the transfer of controlling interests in a “real estate company,” in addition to any other state taxes. Please see an article that I just co-authored on the topic:... View More

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