Capital gains and taxes on condo or single family home

Additional Information: 

I am selling a multi-family property and buying a condo or single family. How does capital gains work in this situation? I will be using most of the proceeds for the other property except $50,000.

ATTORNEY ANSWER:

As attorneys, we encourage our clients to obtain tax information from a certified public accountant. Taxes are obviously a very important issue. No one wants to pay more than they have to. Even though there are many occasions when clients will ask us a “tax question” and we know the answer–or at least think we do, we still encourage them to speak with a CPA. One of the reasons being that tax laws can change; the IRS can interpret rules/regulations differently after there has been a Court proceeding, and Attorneys have enough to do to stay on top of their own profession. So, when we are asked a tax related question, we tell our clients that they should get the answers and advice from a CPA.