The New York Home Selling Series
Attorney AdvertisingAnkaa Law P.C.Manhattan 42 West 44th Street · Flushing 3915 Main Street, Room 319+1 718-218-5805
“How can I close faster? Do I have to fill out the disclosure form? How much tax will I owe? What if I don’t live in New York?” This series helps sellers move smoothly from listing to closing, based on New York law.
Contents
| Part | Title | In One Sentence |
|---|---|---|
| Part 1 | How a New York Seller’s Attorney Gets Your Deal Closed Fast | The process, the most common delays and a seller’s checklist |
| Part 2 | Do I Have to Give Buyers a Property Condition Disclosure Statement? | Mandatory since 2024, who is exempt and how to complete it safely |
| Part 3 | What Taxes and Costs Does a Seller Pay? | State and city transfer taxes, capital gains tax and the home sale exclusion |
| Part 4 | Out-of-State and Overseas Sellers: IT-2663 and FIRPTA | New York nonresident estimated tax, federal withholding on foreign sellers and how to limit the cash tied up |
Want to defer capital gains tax on investment property? See the “Selling With a 1031 Exchange” series.
Main Laws Referenced in This Series
- New York Real Property Law Article 14 (property condition disclosure)
- New York Tax Law Article 31 (real estate transfer tax)
- New York City Administrative Code (NYC real property transfer tax)
- Internal Revenue Code Sections 121 and 1445 (FIRPTA)
Key 2026 Numbers at a Glance
| Item | Rule |
|---|---|
| New York State transfer tax | 0.4%; 0.65% for NYC residential at $3M+ and other NYC property at $2M+ |
| NYC transfer tax (1–3 family, condo, co-op) | 1% up to $500,000; 1.425% above |
| NYC transfer tax (4+ units, commercial, etc.) | 1.425% up to $500,000; 2.625% above |
| Mansion tax (paid by buyer) | $1M and up, 1% to 3.9% |
| Home sale exclusion (Section 121) | $250,000 single; $500,000 married |
| NY nonresident estimated tax (IT-2663) | Gain × highest rate of 10.9% |
| FIRPTA withholding | Generally 15% of the price |
| U.S. estate tax exemption for non-U.S. persons | $60,000 |
Attorney’s perspective
We represent New York sellers in English and Chinese, from the contract through title issues to closing, with the goal of a fast, smooth sale.
For advice about your own situation, call +1 718-218-5805 or schedule a consultation. We meet clients in Flushing and Manhattan, in English or Chinese.
This article is for general information only and is not legal advice. Reading it does not create an attorney-client relationship. For advice about your situation, please contact us.
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