If you sell a house in New York, do you have to pay taxes if you lived in it for 11yrs.?

Question

thanx

Answer 1

Real estate taxes? Yes.
Capital gains taxes; probably not.

Answer 2

Yes.

New York State follows the Federal, which basically means, that if it is taxable for Federal purposes, its taxable for New York State.

If you still reside in New York State, then you will need to file a Resident New York State Tax Return.

If you no longer reside in New York State, please be informed that when you close on the property, the escrow agent, under New York State guidelines, must withhold 10% of the selling price, towards New York State non-resident tax. Then you would file a New York State non-resident tax return and claim
this withholding.

Also be advised, that if you had any other capital losses that you would like to apply to capital gain arising from the sale of real estate, you can only apply
realized losses to the date the property was sold. You cannot apply a capital loss realized the day after or a month after the sale, for New York State purposes.

New York State taxes you to the date residency ended. New York State does not permit deductions after you left.

Answer 3

Probably not, at the federal level. If you owned the house for at least two of the five years immediately prior to the sale, and lived in it as your main residence for two of those same five years, you can exclude up to $250,000 of gain ($500K if married filing a joint return) from being taxed.

Answer 4

Since it was your personal residence and you lived in it for two out of the last five years you can exclude up to $250,000 of gain on the sale if you are single and up to $500,000 if you are married filing jointly.
Any gain abovethese amounts is taxable and you would have to file and pay tax on that amount.