You should check with a tax and/or real estate professional in the state, but it does not appear as if your residency has any impact on the transfer tax.
You should check with a tax and/or real estate professional in the state, but it does not appear as if your residency has any impact on the transfer tax.
I found this info but am not sure if it is valid in 2020 since the article was not dated.
To get the home gain exclusion, I would need to use the Queens coop as my primary residence for two years before the closing date of my Florida condo. Regardless of my present resident state.
So if I sell the Queens coop and make less than 250,000 in profit, say one year after I leave NY, I do not have to claim the profit. But I still have to pay the transfer tax.
Is that your understanding?
thank you
JP
I believe you still have to pay the transfer tax but you must own and use the co-op as your principal residence for 2 out of the last 5 years leading up to the closing of the sale in order to qualify for the full $250,000 exclusion from gain.
See https://www.irs.gov/publications/p523#en_US_2019_publink10008939