Legal Question in Real Estate Law in New York

sellers concession

I bought my house in NY 18months ago for $365000 and now selling for $375000. I put over $15,000 into the house and now I was wondering about the concession and also the capital gains TAX, I would have to pay at the end of the year, please advise me if this is a good idea, to accept the sellers concession


Asked on 3/25/07, 6:40 pm

2 Answers from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: sellers concession

There is no tax if there is no gain. From what you state, you have a $5,000 loss. Furthermore, what about the expenses of sale, lawyer's fee, transfer tax, filing fees, title fees, etc?

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Answered on 3/25/07, 9:11 pm
Arnold Nager Arnold H. Nager, Esquire

Re: sellers concession

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

There is no tax if there is no gain. From what you state, you have a $5,000 loss. Furthermore, what about the expenses of sale, lawyer's fee, transfer tax, filing fees, title fees, etc?

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Answered on 3/25/07, 9:13 pm


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