Taxes on Selling a House in New York

Selling your New York home can be a bittersweet experience, whether you’re saying goodbye to a Brooklyn brownstone or leaving behind a longtime family home in one of Buffalo’s peaceful residential neighborhoods. But between repairs, updates, and stressful negotiations, the costs of selling can be the most nerve-racking part of the process. One cost that can catch sellers off guard is taxes on selling a house in New York. What Is Your New York Home Worth? Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes. These taxes can affect how much money you actually walk away with after closing, so it’s worth understanding what you might owe before you put that For Sale sign in the yard. From capital gains taxes to state and local transfer taxes, let’s break down what to expect and how to prepare to sell your New York home. Capital gains tax You’ve likely heard the term “capital gains tax,” but what is it? When you sell a capital asset, like a property that isn’t used for business purposes, an...