Legal Question in Real Estate Law in New York

tax on selling of a home

I will be selling my home, located in Staten Island-I am a first time seller, and will be buying another home in the state of New Hampshire---I am not married and the deed to my home is in my name only. Will I have to pay any taxes when I sell my existing home-I was under the impression that if I buy another home after the sale of this home there is no taxes to be paid---Am I correct? If there are any taxes would to be paid, would I be exempt if I were married and the deed was in husband and wife's names?


Asked on 2/25/02, 3:12 pm

1 Answer from Attorneys
Steven Rubertone Law Offices of Steven Rubertone

Re: tax on selling of a home

A gain up to $250,000 ($500,000 if married and filing a joint return) is excludable from gross income on the sale of a principal residence. Gains in excess of that amount will be taxable. This rule actually repealed the old rule which you make mention of in your question that use to require the roll-over of gains into a new residence. There are some qualifying features of the new rule, for example you must be using the property you are selling as your primary residence. You owned and used the property for at least two years and you had no prior sale within the last two years which qualified for the exclusion. Otherwise, $250,000 of gains should be protected.

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Answered on 2/26/02, 4:07 pm


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