Home Selling in Harlem>Question Details

Crystal Colon, Home Buyer in Miami, FL

I presently live in FL AND RECENTLY INHERITED A PROPERTY IN NY I would like to sell.

Asked by Crystal Colon, Miami, FL Sat Oct 20, 2007

I need to know how much taxes I will be paying as the seller. Any websites?

Help the community by answering this question:

Answers

28
This is a great question! Depending on the sales price, you can expect to pay out from one to 3 percent of the total transaction to the State and city, plus the market price differential on the time that you have owned the property. One of my sellers had held on to her property for 3 years before putting it on the market. The "window" resulted in an appreciation in price to market. It was great to have been able to realize that gain but the taxes that would have been incurred without the "guidance" given would have been a bare! Click on my picture to contact me directly!
0 votes Thank Flag Link Thu Feb 26, 2015
Thank you for this informative post. I just want to share a good source for tax forms and tutorials - PDFfiller. It has a ton of Tax Forms and business templates. It helps me fill out a needed form neatly and gives me the option to esign. http://goo.gl/yoGwr2
0 votes Thank Flag Link Tue Feb 24, 2015
I would call the tax assessor's office in the county the NY property is owned in. They will be able to provide you with accurate tax records.
0 votes Thank Flag Link Mon Jan 12, 2015
Houselogicny.com. Check out this website
0 votes Thank Flag Link Thu Dec 25, 2014
Where is the home? I work in Manhattan and can help if it is there.
0 votes Thank Flag Link Fri Nov 14, 2014
Where is the home? I work in Manhattan and can help if it is there.
0 votes Thank Flag Link Fri Nov 14, 2014
HI, Crystal,
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
renah@pobox.com
516-295-5844
http://www.renahbell.com
0 votes Thank Flag Link Thu Aug 14, 2014
I specialize in these types of situations. If you still own the house, give me a call.

John Cohen
516-523-6205
0 votes Thank Flag Link Wed May 7, 2014
If you still own this property. Call me I specialize in these types of situations.

John Cohen
516-523-6205
0 votes Thank Flag Link Wed May 7, 2014
Hi Elena,

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.

Elan Gavish
Senior Vice President
Prudential Douglas Elliman
646 808 9494
0 votes Thank Flag Link Thu May 31, 2012
Although it never hurts to do your own research, you can only rely on a professional advice that at the end of the day is going to save you money - you are risking too much by not having an accountant and an attorney involved in figuring possible scenarios
0 votes Thank Flag Link Thu May 24, 2012
A qualified Real Estate Attorney, Accountant or Financial Advisor in the area might be beneficial to you.
0 votes Thank Flag Link Thu May 24, 2012
There is no one website that can answer your question, because there are various taxes that could come into play.

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.

Karla Harby
Licensed Real Estate Salesperson
Rutenberg Realty
kharby@crrnyc.com
212-688-1000x146
0 votes Thank Flag Link Thu May 24, 2012
Crystal, I don't really know what part of NY your home is located.
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.
Fajardo Delacruz
347 932-0609
0 votes Thank Flag Link Wed May 23, 2012
The state transfer tax is $4.00 per thousand dollars above what you paid for the property or the property's value when you inherited it. . In addition new York City adds an extra 1% to the tax. In other words you are charged 1.04% of the increased value since you acquired the property. Since you inherited the property the base price is from the time you inherited it. It has nothing to do with the original price. If you will give me more information about the property I can give you a correct value in today's market and believe I also have a buyer for you. I just met with him today and he told me he is looking for a new property. If not, I have other investors who may find your property to be just what they are looking for.
Please let me know how I can help you. You can reach me at renah@pobox.com.
http://www.renahbell.com is my web page.
0 votes Thank Flag Link Thu Mar 24, 2011
You'll have inheritance tax, ny state taxes, if it's in nyc you'll have city taxes. I'm not sure about capital gains tax but you will need an attorney, please don't cut corners in that area. Regarding selling the property please remember a few things, don't price it aggressively because it'll them become one of the many invisible properties. I don't want you to give it away but price it to sell with a bit of wiggle room and be prepared to have it on the market from three to six months, and possibly longer. I'll be happy to assist if I can be of service. Good luck and keep the faith!!!
0 votes Thank Flag Link Sun Aug 23, 2009
Hi Crystal-

my husband and I are looking to purchase an apartment directly from the owner- we are a couple with cash reserves- send me apt. details and info to janiceannunziata@hotmail.com
0 votes Thank Flag Link Sun Aug 23, 2009
Hi Crystal-

my husband and I are looking to purchase an apartment directly from the owner- we are a couple with cash reserves- send me apt. details and info to janiceannunziata@hotmail.com
0 votes Thank Flag Link Sun Aug 23, 2009
$4 per 1000 is only the New York State transfer tax. If the property is in NYC there is the RPT.
You also omitted the estimated tax payment to NYS for non-residents. See my comment below, with links to the relevant websites
0 votes Thank Flag Link Sat Oct 27, 2007
Selling in Florida and selling in NY are two different things. At the closing table, the seller pays their attorney, their Realtor and $4 per $1000 of sales price as transfer tax. That's it! No more! This is assuming property taxes are up to date.
0 votes Thank Flag Link Fri Oct 26, 2007
Hi Crystal,

I am interested in buying NY property depending on the condition (the worse, the better) and location.

Please send me more info.

Thanks!
Marvin
Web Reference: http://www.eMarv.com
0 votes Thank Flag Link Tue Oct 23, 2007
Crystal....

It is not clear if you are talking about real estate taxes or inheritance taxes. In any event, please contact a CPA to evaluate your situation to determine these answers.
0 votes Thank Flag Link Mon Oct 22, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Crystal,
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!
Jolie
0 votes Thank Flag Link Mon Oct 22, 2007
Crystal, I have a CPA that I use to do my taxes and he will be able to answer all your tax questions. If you have more real esate questions please do no hesitate to contact me .

His web site is http://www.howardginsberg.com/
Email him at howard@ginsbergcpa.com

Thanks
Henry
0 votes Thank Flag Link Sun Oct 21, 2007
Transfer taxes as follows:

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)
---Website: http://www.nyc.gov/html/dof/html/property/property_rec_rptt.shtml
http://www.nyc.gov/html/dof/html/property/property_rec_rptt.… (rates)

.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)
NYS Website:http://www.tax.state.ny.us/pit/

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
0 votes Thank Flag Link Sun Oct 21, 2007
Crystal
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!
0 votes Thank Flag Link Sat Oct 20, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Ms. Colon,

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.
0 votes Thank Flag Link Sat Oct 20, 2007
Hi Crystal,
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.
Web Reference: http://www.SalAndDawn.com
0 votes Thank Flag Link Sat Oct 20, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer