Legal Question in Tax Law in New York

Re: Selling house....pay taxes?

Yes.

Re: Selling house....pay taxes?

Norman is correct that if the property was not your primary residence, you must pay taxes on the gain. Depending upon how long you owned it, more or less than a year, the gain may qualify for long-term capital gain treatment, with a favorable tax rate applied. How much taxes you may owe also depends on how you treated the property. If you treated it as investment property, took depreciation on it, the tax situation gets more complicated. I suggest you review the matter with an accountant, providing all information, from its acquisition through sale. Having your closing statements on its purchase and sale, plus your interim tax returns to see what you did, is necessary for the calculation of taxes due to be made.