HELP! We need to know! About captial gains in NY!

[yogagirl]

What is the name of your state?What is the name of your state? NY

We own a storage company and would like to sell and invest profit in rental property. We know we can reinvest in similar business without having to pay the capital gains..does anyone know if this transaction would be considered a similar business in NY!

Thank you!

 

[tdavidl]

if you're referring to a like-kind exchange, that's a federal (IRS) code issue, not a state issue. is the storage business a rental business (rental of storage space) ? if so, then maybe, you'd have to have some one do a little more research, unless someone else here can chime in with definite answer.

http://www.irs.gov/

search for publication 544 on their website & do some reading. based on my limited knowledge & minimal research i'd guess no, unless the storage business has r/e as an asset, then maybe that asset can be swapped.