How much would i have to pay in taxes if I sold a vacation home in New York.?

December 4th, 2011 | by admin |

I am 60 years old btw. Would i have to roll over to another property?

You could potentially consider a 1031 exchange to avoid taxation, but there is no standard "vacation home tax." It would depend on all of the rest of your income, the cost of the home, improvements, depreciation amount, etc…. You’d have to "do" your taxes to figure out how much you’d pay in taxes. But, your account, who does them regularly should be able to at least ballpark it for you.

  1. 4 Responses to “How much would i have to pay in taxes if I sold a vacation home in New York.?”

  2. By Use Your Noodle on Dec 4, 2011 | Reply

    You need to ask your CPA that question.
    References :

  3. By the tax lady on Dec 4, 2011 | Reply

    There’s nothing to roll over. The rollover law applied to primary residences sold before 5/7/1997 (14 years ago).

    A vacation home is not eligible for a like kind exchanged.

    Thus, the rule will be if you owned it for more than a year, the gain is taxed at long term capital gains rates. (currently 0% or 15% depending on your tax bracket.)
    References :

  4. By Ryan M on Dec 4, 2011 | Reply

    Don’t you think your taxes would depend on your tax bracket AND the gain realized on the sale???? Your age is completely irrelevant.
    References :

  5. By Insurance Pickle.com on Dec 4, 2011 | Reply

    You could potentially consider a 1031 exchange to avoid taxation, but there is no standard "vacation home tax." It would depend on all of the rest of your income, the cost of the home, improvements, depreciation amount, etc…. You’d have to "do" your taxes to figure out how much you’d pay in taxes. But, your account, who does them regularly should be able to at least ballpark it for you.
    References :

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