Home Selling in New York>Question Details

Clay1, Home Seller in New York

We are selling a Brooklyn Brownstone for 1.25 mil and would like to know what taxes we can expect to pay for the sale. We have not signed a contract.

Asked by Clay1, New York Wed Apr 25, 2012

As we are still taking in bids. We are selling as is and it is down the street from the new stadium that is being built. Thank you for your help. Frank

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6
Your attorney can provide any necessary and accurate tax information, therefore consider a consultation. One can expect NYS transfer tax, four dollars per thousand on the selling price, and NYC transfer tax....
2 votes Thank Flag Link Wed Apr 25, 2012
One of the most important taxes to remember is that mansion tax is charged to any residential property sold $1million and above. You are a significant amount above the $1mm mark so your buyer should be comfortable, but depending on where you end up, they may try to push you under the market to avoid the mansion tax. There are ways to manage this. Make sure your agent is smart.

Kelly Killian
Vice President
Bond New York
1 vote Thank Flag Link Wed Apr 25, 2012
Where is the brownstone? How many units? I have an interested buyer. I can be reached at 917-804-0700
0 votes Thank Flag Link Tue May 1, 2012
The following are links to both the NYC.gov & NY State.gov pages that explain transfer tax in detail -

http://www.nyc.gov/html/dof/html/business/business_rec_rptt.…

http://www.tax.ny.gov/bus/transfer/rptidx.htm
0 votes Thank Flag Link Wed Apr 25, 2012
The combined NYS and NYC transfer taxes will be 1.875% of the sale price. (The mansion tax of 1% is paid by the buyer).

You may also have taxes to pay on any capital gains realized. That is something you would discuss with your accountant or income tax specialist.

In addition, any outstanding charges to any government agency will have to be paid at closing, such as real estate taxes, water/sewer charges and any judgments.

If you have any questions, feel free to contact me at jonathan@jgoldberglawcom
0 votes Thank Flag Link Wed Apr 25, 2012
Anna and Kelly combined to cover all bases.
There will be NYS Transfer Taxes, NYC transer taxes, Mansion Tax and the dollars per thousand on the selling price. Do consult prior to signing ANYTHING

Best regards,
Ronnie
0 votes Thank Flag Link Wed Apr 25, 2012
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