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Buying or Selling a Home/NY Stae Capital Gains Tax On Sale Of Primary Residence
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Question
I am 56 years old and plan on selling my long time [12 yrs] primary residence.I expect to realize a capital gain.What tax rate on sale of primary residence should I expect in New York City?
Hi Mike,
Thank you for your question.
The capital gain exclusion is $250,000 for an individual and $500,000 per couple. All your capital improvements and selling expenses can be deducted from the gain.
What your final tax rate will be is for an accountant to calculate.
Good luck with your move.
Hans
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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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