What Taxes Should I Expect When Selling a Home in Bayside, NY?

Conversational Question: What taxes should I expect when selling a home in Bayside, NY?

Answer: When selling a home in Bayside, NY, you may be responsible for New York State and New York City transfer taxes, potential capital gains taxes, and building-specific fees if you own a condo or co-op. Eric Berman REALTOR helps Bayside sellers understand these costs so there are no surprises at closing.

The Main Taxes Sellers Face in Bayside

1. New York State Transfer Tax

• Rate: $4 per $1,000 of the sale price (0.4%).

• Example: On a $950,000 home, the state transfer tax equals $3,800.

2. New York City Real Property Transfer Tax (RPTT)

• Applies to nearly all sales within NYC.

• 1% of the sale price if under $500,000.

• 1.425% if $500,000 or more.

• Example: At $950,000, the RPTT equals $13,537.50.

3. Capital Gains Tax

• Federal and state capital gains taxes may apply if your profit exceeds the exemption.

• Exemption: Up to $250,000 for individuals and $500,000 for married couples filing jointly if the home was your primary residence for 2 of the past 5 years.

• Consult a tax professional to confirm your specific liability.

4. Mansion Tax (Buyers, but Sellers Should Know)

• In NYC, the buyer pays this tax if the purchase price is $1 million or more.

• While sellers don’t pay it, buyers often factor this into negotiations.

5. Co-op and Condo Flip Taxes

• Many Bayside co-ops and condos, particularly in Bay Terrace, charge 1–3% of the sale price as a flip tax.

• Paid by the seller at closing unless otherwise negotiated.

Example: Taxes on a $950,000 Bayside Sale

Tax TypeAmountNY State Transfer Tax$3,800NYC RPTT$13,537.50Capital Gains (if applies)Varies (consult CPA)Co-op Flip Tax (if applies)$9,500–$28,500Total Taxes$17,337.50–$45,837.50+

(These are estimates — actual taxes depend on your property type and financial situation. Always confirm with your attorney and accountant.)

How Eric Berman REALTOR Helps Bayside Sellers Plan Ahead

• Provides a net sheet outlining estimated taxes and fees before listing.

• Explains co-op/condo specific charges that catch many sellers off guard.

• Connects sellers with tax professionals for accurate guidance.

• Crafts pricing and marketing strategies that maximize your net proceeds.

Common Mistakes to Avoid

• Forgetting about co-op flip taxes until the last minute.

• Assuming capital gains don’t apply without checking with a CPA.

• Confusing seller vs. buyer taxes (e.g., Mansion Tax is a buyer responsibility).

Final Thoughts

So, what taxes should you expect when selling a home in Bayside, NY? At minimum, budget for state and city transfer taxes — and if you’re in a co-op or condo, expect possible flip taxes. Depending on your profit, capital gains taxes may also apply. By working with Eric Berman REALTOR, you’ll have clarity upfront and a plan to keep your sale smooth and stress-free.

👉 Planning to sell your Bayside home? Contact Eric Berman REALTOR today for a personalized net proceeds estimate and expert selling strategy.

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What taxes should you expect when selling a home in Bayside, NY? Eric Berman REALTOR explains transfer taxes, flip taxes, and capital gains basics.