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Buying or Selling a Home/coop sales
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Question
i purchased a coop in westchester years ago i bought for 60,000 and would like to sell for 200,000 do i have to pay capital gains on the profit or any kind of taxes on profit.
Hello Ralph,
Thank you for your question.
Capital gains are taxed at 15%. If this is your primary residence you would be able to take advantage of the capital gains deduction of 250,000 for singles or 500,000 for couples.
So, based on your numbers, you have no capital gains tax.
Let me know if you need a Realtor to help you sell it. I have sold more than 100 coops in Westchester county over the last 20 tears.
Good luck,
Hans Weber, Coldwell Banker Real Estate
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Hans Weber, Licensed Broker Associate
Expertise
I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?
Experience
Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.
Organizations
National Association of Realtors.
Westchester County Board of Realtors.
Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.
Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.
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