What is Like-kind exchange?
Read What are the taxes on sale proceeds? Sale proceeds from real estate property in New York are taxed differently depending upon whether you are selling your home (primary residence) or your investment property. They also vary for US tax residents and non-residents. Generally, an increase in value of any real estate property, which was held one year or longer, is taxed as capital gains. Calculating the Gain/Loss is easy: Gain/Loss = Amount Realized [Selling Price – Selling Expenses] – Adjusted Basis [Cost + Improvements]. Closing costs, points and loan origination fees are added to the cost basis of the property and deducted at the time of sale. Those who used their real estate as their home have tax exemptions described below. Foreign investors are subject to additional withholding, also described below. The information below is an approximate assessment, please consult your accountant or tax adviser about your circumstances. Back to the top What are the taxes on sale proceeds for t
