Home Selling in New York>Question Details

George, Home Seller in New York, NY

do i have to pay a capital gains tax to ny after i change my legal residence to fl.?

Asked by George, New York, NY Thu Sep 22, 2011

if we sell the ny home after jan 1, 2012 do i have to file a ny tax return in ny.?if we sell before jan 1, 2012 what taxes do we have to pay ny? we expect to get about 400,000 for the house. we paid 20,000 for it in 1967. we have continously lived in this house up till now. thanks for your help. george cunningham gcunningham4@nyc.rr.com

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As licensed agents, we are not supposed to give legal or tax advice. You should consult your tax attorney or tax preparer to see what capital gains exposure you have. I believe, however, that if the house in NY was your primary residence, you may not have any capital gains exposure at all. From my understanding as a Senior Real Estate Specialist, is that you would take the cost basis of the house - original sales price, plus any capital improvements (for which you have receipts for) less any amortization that you have taken and subtract that number from the net proceeds of the sale (after expenses). If you are married and the property is under both of your name's, you should each have a $250,000 exemption so you may not have any exposure at all. And, even if you do, you should explore doing a 1031 exchange. Again, these are all questions for your tax preparer or attorney. Good luck!

Ralph Windschuh
Associate Broker
Senior Real Estate Specialist
Cetified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Thu Sep 22, 2011
For an accurate answer as it applies to you, consult with your tax professional and or tax attorney....
0 votes Thank Flag Link Thu Sep 22, 2011
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