Q: I am considering selling my free-standing garage that I do not use to a neighbor in my condo group.
Should I hire a real estate attorney or a realtor to handle the sale? Also, would the proceeds be considered taxable income by the IRS?
A:
Yes, any time you buy or sell an interest in property you should have an attorney involved. A little money now could avoid a lot of money later.
The proceeds likely would be taxable but I am not a tax attorney and there needs to be more facts for a tax attorney to answer that question.
A:
If you hire an attorney as has been suggested, one of the things the attorney should look into is whether the garage can be sold separately from the residential unit (which presumably you intend to keep).
The long-term capital gain you realize (difference between what you paid for the garage and what you receive) would be taxable.
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