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What is the NYS capital gains tax in New York

Resolved Question:

What is the tax on real estate gains for homes sold in New York City?
Submitted: 11 years ago.
Category: Tax
Expert:  GARY ELLIS replied 11 years ago.
NY does not have a seperate capital gains tax on real estate sales. It follows the IRS guidelines for exemption or taxation of home sale. This sale is taxed as ordinary income to NY at your total income tax bracket. From 4% (lowest) to 7.7% (highest rate).
Customer: replied 11 years ago.
Reply to GARY ELLIS's Post: My question asked for STATE and FEDERAL.... tax and aren't there exemptions in NYC
Expert:  GARY ELLIS replied 11 years ago.
Federal home sale guidelines: If you have owned and lived in your house for two of the last five years you may exempt up to $250000 of profit from taxation ($500K married filing joint ownership).
If profit is over $250K you are taxes at long term capital rates of 15% maximum on the amount over the exclusion. If there is no tax due on federal then none due NY or NYC. I can't find any other NYC credits.
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