What are the tax consequences of selling?
A. Tax planning prior to offering you property for sale or exchange may be the most important step in disposing of your property. If you have a gain you will be required to pay taxes. You pay those taxes when you regularly pay taxes unless you have sold this property on an installment basis or have not sold the property but merely exchanged it for another. See your accountant for determination of the amount of taxes and basis adjustment; if your accountant is not qualified in this area get another: not all accountants are qualified to analyze property exchanges.
