calculating cap gains...

Sadly yes - NYS taxes capital gains at the same rate as ordinary income. So depending on what bracket you are in that could be up to 8.9% for NYS + the NYC tax. So over 10% in capital gains tax, doesn't matter if short or long term. That is in addition to the federal.

I liked it better when I lived in Florida.

Thanks superquant .... so if federal is 15% and NYS and NYC is mor or less 8.9% ... do I calculate what I expect to owe at 24% or is the state and city deducted from the federal? UGH... it's like a kick in the teeth on top of the decreased sale price.

What you'll owe to state depends on your income. If you're in the $100K ballpark, you'll be in the 6.85% bracket for state and 3.648% for city. So 10.5% there, plus 15% for federal.

On "kick in the teeth", quit your whining and pay your taxes before I show you a real tax bill ;).

lol. point taken

Taxes are the price we pay for civilization. Taxes on unearned capital gains that are the result of a real estate bubble that helped you by redistributing wealth from the relatively less well-off to the relatively better-off are a remarkably cheap and easy way for you to pay for that civilization. Unless you believe you have a God-given right to free ride on the rest of us, you should not call them a "burden." You should, instead, be grateful that you don't have to pay them out of income you actually produced by the sweat of your brow.

Tell it finance guy..well said