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!!!

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

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

$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

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.

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

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.

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

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

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

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!

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.

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.