How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 7073
Experience:  Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
Type Your Capital Gains and Losses Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

I will be selling my NYC coop, i will be selling my NYC

Customer Question

I will be selling my NYC coop
JA: I love the idea of making big money with investments, but there are so many things that could go wrong. The accountant will be able to help you. Please tell me more, so we can help you best.
Customer: i will be selling my NYC coop. It was a Mitchell lama 3 bedrm on roosevelt is. Bought for $225000
JA: Is there anything else important you think the accountant should know?
Customer: cont---- it is now free market with a 45 percent flip tax going back to the coop. Probable sale price settlement 1,350,000. I am single, Iver 40 years I have spent about $120,000 in improvements what is my capital gains rate
Submitted: 6 months ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 6 months ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  Stephen G. replied 6 months ago.

Between, federal, NY & NY City, figure approximately 33% - 36% of your capital gain in total taxes. You will need to co-ordinate the timing of paying your state & city taxes to make sure you will be able to use the related federal itemized deduction without triggering the Alternate Minimum Tax.

You should engage a local CPA (or EA) to run projections once you determine when you are going to close on the sale (ie. what tax year). By timing the payment of your state & city income taxes properly, you should be able to save several thousand dollars in federal income taxes.

Steve G.

Related Capital Gains and Losses Questions