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Lucy Kirk, Real Estate Pro in New York, NY


Asked by Lucy Kirk, New York, NY Fri Mar 30, 2012

What is the % cap gains on sale of invesment property in Florida by a resident of New York City? thank you.

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Depends on how long you held it, how long you depreciated it, additions to basis, stuff like that. Then, you will get a credit against the selling state taxes paid, towards the domicile state taxes owed. Since you will be selling in a state with no income tax, you will owe the full freight on the New York amount, probably around 5-6%.

You can also thank Mr. Obama for raising the long term federal rate to 20%, so in essence you will owe 20% Federal + 5-6% local on the appreciated amount+ 25% Federal Recapture on the depreciated amount.

Of course, if you inherited this property from a person, and you are selling it almost immediately, you might owe nothing in taxes since depreciation has not begun, appreciation has not happened, and the basis is stepped up.

Antolin Du Bois, CFP®
President, RichFaith Inc.
0 votes Thank Flag Link Thu Jun 21, 2012
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