You need to contact your co-op's management company and speak to the person that works with your particular building. As them what the flip tax policy is and if there are any other transfer fees that you have to pay to the co-op. Sometimes these fees can be a percentage of the sales price, a flat fee or a "per share" amount.
In addition to that, if you are selling a co-op for $200,000 in Brooklyn, you will have to pay New York City 1% of the sales price ($2,000) and New York State $4.00 per $1,000 of the sales price ($800). You will also have to pay your attorney fee and any lien or debt attached to your shares such as a mortgage if you have one.
Lastly, you have to find out if you will have any capital gains tax burden. If the co-op your selling is your primary residence and you have been living in it at least 2 of the past 5 years, you will probably not have to pay any capital gains. If you want, call me and I can go over it with you to make sure that is the case.
My office is located in Sheepshead Bay and I sell co-ops and 1 & 2 family homes all day long... since 1993. If you need further assistance selling and/or buying, I urge you to contact me. I offer a free comprehensive initial consultation which will explain everything your need to know about selling and buying in today's market. You will love it and I know it will help you.
Feel free to contact me any time. Either way, good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales/ e-Pro Realtor
Fillmore Real Estate
Office: (718) 252-2000/ Cell: (917) 805-0783