My fiance's parents are selling a rental property that is currently on a land lease. The bill of sale is actually in my fiance's name, so I am concerned that we are going to be hit with capital gains tax on the sale of the home.
Does the sale of this home fall under the Taxpayer Relief Act of 1997, or is it considered an asset such as other physical property or investments for which you must pay capital gains. The base value and current have a difference of about $60k.
I've tried to research this, but cannot find a good answer on capital gains tax for a home sold with leased land.
Your thoughts are greatly appreciated!
Jason
