Antolin Du Bois, CFP.
The first is a transfer tax to NYC and NYS. NYS charges 4/10 of 1% of the selling price. If the sale is for $500,000 or more NYC charges 1.425% of the selling price. Both of these get paid at the closing.
The other tax is a Capital Gains tax. For a single person the first $250,000 of profit is tax free. For a couple on the deed, the first $500,000 of profit is tax free. To determine profit you take the original purchase price, add the cost of improvements and subtract this from the selling price. You're also allowed to deduct your closing costs of the sale to reduce any profit. If you are left with a profit, it is taxed at Capital Gains rates which are generally lower than normal income tax rates. Normally the capital gains tax is between 25-30% when you add the federal, state and city together.
If you need help in selling the house I'd be happy to give you advice. You can reach me at email@example.com.
Best Seller Realty.
This is a question for your Tax person;
It could depend on how long you've lived there, if it is your Principle residence, (one is not) and what you are doing with the money once you get it.