To remind you, I answered a question about a house you inherited that was located in Harlem. Did you get the house successfully sold? If you haven't sold it yet I would be happy to help you sell it. I am interested and would love to know how that worked out.
Renah Bell, Realtor, Associate Broker
Century 21 American Homes
There are transfer taxes and NYC has its own taxes but then there are additional taxes depending on the building. If you give me the address, or if you would like to speak with my attorney for free, he could give you what the taxes are.
Senior Vice President
Prudential Douglas Elliman
646 808 9494
To add to what has already been said, What taxes you pay at sale will depend in part on what you negotiate with the buyer.
Often with inherited property that taxes are in arrears--taxes could be overdue to the point of penalties and interest. But the buyer can agree to cover these taxes, it just depends.
Inherited property can be a boon or a boondoggle! I have a friend who inherited a hotel in Illinois and ended up bankrupt as a result. You really need good professional advice, especially a good New York lawyer and a good real estate agent ("broker" as called here), or this inheritance could cost you a lot of money. This is not a do-it-yourself project.
Licensed Real Estate Salesperson
Please write down all your questions and concerns on a piece of paper.
That way you will get all answered the first time. Then just call a local
agent He/She should help.
Please let me know how I can help you. You can reach me at firstname.lastname@example.org.
http://www.renahbell.com is my web page.
You also omitted the estimated tax payment to NYS for non-residents. See my comment below, with links to the relevant websites
As I my colleagues have said, please contact a knowledgeable CPA and NY Real Estate attorney and also possibly a NY "Estates" attorney.. If you want to get some idea of the federal tax consequences there is a wealth of information on http://irs.gov. You might be responsible for federal taxes on the gift, as well as NY State Taxes..it can be very complicated..
The amount of any outstanding real estate tax due should be available by contacting the assesor's office in the county where it's located.
I hope this helps!
His web site is http://www.howardginsberg.com/
Email him at email@example.com
1% to New York City .if sale price is $500,000 or less. If above 500K 1.425% of the sale price. This covers 1-3 family house, condo unit or co-op unit. If different property (eg commecial property) then 1.425% if $500K or below and 2.625% if over 500K (Form RPT)
.4% to New York State --any type of property (fORM TP-584: http://www.tax.state.ny.us/pdf/2007/fillin/property/tp584_30 (form tp-584)
As a non-resident you pay an estimated personal income tax (but you'd probably pay -0- if you sold at the property's inherited value-) (form IT-2663) (NYS residents are exempt from the estimated tax)
http://www.tax.state.ny.us/pdf/2007/fillin/inc/it2663_2007_f (form IT-2663)
As far as federal taxes-- if you sell at the value of the property when you inherited it, there is no capital gains tax
I hate to say it, but I don't think we are in a position to answer your question. Based on my experience, and the Realtor Code of Ethics, I need to refer to a CPA who is licensed to practice in New York.
There are both IRS and State of New York tax consequences. I encourage you to investigate and make sure that you obtain a couple of different opinions. It could save you quite a bit of money. No sense paying more taxes than you need!
Below is a link to an attorney's web site listing the NY State and NYC tax rates for both the seller and buyer of real property. If you're looking for a Realtor to sell your inherited property, please feel free to contact me.
Just to clarify are you talking about real estate taxes? If you are, you will be responsible for the current taxes due and payable until the day you sell the property. I am a licensed Realtor in New York as well as New Jersey and can give you more specifics should you need them. If you have questions about inheritance taxes, I have an accountant whom I trust, who I would be happy to put you in contact with. I hope this answered your question. Visit http://www.SalAndDawn.com for valuable, Free Real Estate Information.