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KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4195
Experience:  13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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Looking on tax ramifications of selling a second home in NY

Customer Question

Looking for info on tax ramifications of selling a second home in NY State
The deed to the home has been in my husband and his sister’s name since 1986.
Their uncle lived in the home until 2009 when he passed away.
The property is now up for sale, and we are wondering what the tax burden will be after it is sold.
My husband and I live in NY state – his sister lives in Michigan.
Submitted: 3 months ago.
Category: Real Estate Law
Expert:  KimberlyLaw replied 3 months ago.

Hello, I am happy to assist.

The way to calculate the tax that will be owed is to take the amount that the property was purchased for, then compare that to the current fair market value (sale price if it's reasonable) of the property. That difference is the amount that the feds will consider to determine the income received from the property.

So your husband and his sister will split that tax liability.

Let me know if you have any questions about this.



Customer: replied 3 months ago.
I was looking for more complete information than this. For instance, what is the tax rate that we will pay in NY state on the sale of a second home?
Expert:  KimberlyLaw replied 3 months ago.

Well, I can only answer your question from a legal perspective, since you have asked for an attorney.

I can't tell you your tax rate because you would have to evaluate each person's entire accounting of income, etc. The rate may differ.

The info I gave you is how you figure out your tax basis and tax liability.

Customer: replied 3 months ago.
OK. Thank you very much for your help.
Expert:  KimberlyLaw replied 3 months ago.

Ok you are very welcome.

If you don't have any more follow up questions, please be sure to close the question by providing feedback. A rating in the first three positive ratings would be appreciated, since that is how I get credit for my work with you today.

Thanks and take care,


Expert:  KimberlyLaw replied 3 months ago.

Hi, I see that you haven't closed this question yet.

Please go ahead and rate my answers so that I can get credit for my work with you, and the system doesn't keep you money.

Thank you,


Expert:  KimberlyLaw replied 3 months ago.

Hi, please close this question by ranking my answer with positive feedback, so that I get paid for my work with you.

Thank you so much and take care


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