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cap gains

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Guest
What is the name of your state? new york

does anyone know, in ball park figures, what the capital gains tax is on selling a home? are there federal and state/city taxes involved? the sale would most likely be for appx 400k. does the sale price matter? is it a graduated tax?



much obliged
 


HomeGuru

Senior Member
link said:
What is the name of your state? new york

does anyone know, in ball park figures, what the capital gains tax is on selling a home? are there federal and state/city taxes involved? the sale would most likely be for appx 400k. does the sale price matter? is it a graduated tax?



much obliged

**A: sale price ______less mortgage balance/closing costs etc. = net profit.
Take net profit and write a check for the same amount to the IRS.
 

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