April 23, 2026

What Taxes Do I Pay When Selling a Home on Long Island?

Taxes don’t apply to every sale—but understanding them ahead of time can prevent surprises.

Capital Gains Considerations

If you sell for a profit:

You may owe capital gains tax
But many homeowners qualify for exclusions

Primary residence exemptions can reduce or eliminate tax.

Transfer Taxes

In New York, sellers may pay:

State transfer tax
Local transfer taxes (depending on area)

These are part of closing costs.

When Taxes May Not Apply

Many sellers avoid capital gains if:

They lived in the home for 2 of the last 5 years
Profit falls within exemption limits

Why Planning Matters

Taxes can impact:

Net proceeds
Timing decisions

FAQs

Do I always pay taxes when selling a home?
Not always. Many homeowners qualify for exemptions. Learn more here: 👉 https://www.theericbermanteam.com/

What is capital gains tax on a home sale?
It applies to profit above certain limits. See how it affects you here: 👉 https://www.theericbermanteam.com/

What taxes are specific to Long Island?
Transfer taxes are common in New York transactions. Learn more here: 👉 https://www.theericbermanteam.com/

Can I avoid paying taxes when I sell?
In some cases, yes. It depends on ownership and residency. Explore your situation here: 👉 https://www.theericbermanteam.com/

Should I speak to a tax professional?
Yes, especially for complex situations. Start planning here: 👉 https://www.theericbermanteam.com/

  
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