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Parker - Verde West Property

Bajastu

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So I own a property in the Verde West Co Op in Parker and I’m looking to sell it. Since there isn’t a structure on it besides a shed and an awning and it’s a Co Op, would I need to pay capital gains on the sale?

I bought it about two years ago and I was going to put a new park model on it but it just hasn’t happened. I only use it for boat storage at the moment.
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mesquito_creek

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This is an interesting one?... I don't know either, but if your ownership in the co-op is ownership in "land" and you gain is on the sale of land, you would be paying cap gains. If you pay space rent and you just sold a shed and a car port, then my guess would be no cap gains.
 

Bajastu

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There isn’t any space rent. Just a $85 a month HOA. Pays for water, trash, sewer, and the amenities.
 

84miller

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Yes you will pay capital gains tax on any profit from the original purchase price. You can subtract any improvements you have made to the property...such as structure, concrete, shed...plus escrow fees of sale. You cannot subtract HOA fees. If your income is less than $400K, it will be 15% of the profit.
 

Bajastu

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Yes you will pay capital gains tax on any profit from the original purchase price. You can subtract any improvements you have made to the property...such as structure, concrete, shed...plus escrow fees of sale. You cannot subtract HOA fees. If your income is less than $400K, it will be 15% of the profit.

Thanks for the info !
 

Bajastu

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The last couple of places were sold with in hours of listing.
 

racetrash

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We looked at that property last time it was 4 sale. Too many rules there for us. Nice place though!
 
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