NYC sellers face stacked taxes: federal long-term capital gains at 15-20%, the 3.8% Net Investment Income Tax, New York State income tax up to 10.9%, and NYC income tax up to 3.876%. Combined effective rates can exceed 35% on appreciated property. Calculate your adjusted basis - original purchase price plus capital improvements minus depreciation - and subtract it from your net sale price to determine the taxable gain.
From the seller playbook: Capital Gains Tax Planning for NYC Property Sales
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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