Most NYC seller calculators stop at "sale price minus commissions." This one goes further — it shows your real walk-away after taxes, factors in the §121 primary-residence exclusion ($250K single / $500K married), handles FIRPTA withholding for foreign sellers, models 1031 like-kind exchanges for investment property, flips correctly between condos, co-ops, and townhouses (residential vs. commercial transfer-tax tiers), and pulls back the curtain on the true cash-on-cash return your real estate has produced — typically dramatically higher than the headline appreciation rate thanks to leverage, principal paydown, and the §121 exclusion.

What this calculator includes that others don’t

• Three property types — Condo, Co-op, or Townhouse, with the correct fees, transfer-tax tier, and processing costs for each (including the residential vs. commercial RPTT split for 4+ family townhouses).
• Full ownership-status handling — Single, Married Joint, LLC / Trust, or Foreign National (FIRPTA), with the right §121 logic and tax brackets for each.
• 1031 like-kind exchange toggle that defers federal + NIIT + NY State + NYC tax for investment property.
• Step-up basis for inherited property — eliminates tax on appreciation that happened during the deceased’s lifetime.
• Cash-on-cash return — the leverage story. Most calculators show only the headline appreciation; this one shows your true return on cash invested, which is typically much higher.
• §121 dollar-savings figure — the concrete tax dollars the exclusion saves you, not just an abstract "up to $500K."
• Inflation-adjusted return — real purchasing-power gain in today’s dollars.
• §121 / long-term timing optimizer — flags when you’re close to a tax threshold and shows the dollars saved by waiting.
• Flip-tax handling for both co-ops and condos, with seller/buyer paid-by toggle.

How NYC seller closing costs break down

On a typical NYC sale, roughly 8–10% of the gross sale price goes to closing costs before any tax is owed. The biggest items:

• Broker commissions — historically 5–6% combined, paid out of seller proceeds. Per the 2024 NAR settlement, each side is negotiated separately.
• NYC Real Property Transfer Tax (RPTT) — 1.0% on residential sales ≤$500K, 1.425% above. Commercial / 4+ family: 1.425% / 2.625%.
• NY State Transfer Tax — 0.4% of sale price, flat.
• Seller attorney — $4,000–$12,000+ depending on price.
• Title closer + e-tax filing — ~$750.
• Building processing fees — $500–$2,500 (managing agent, share transfer for co-ops, waiver fees for condos).
• Co-op flip tax — 1–3% of price in many co-ops; some condos charge it too.
• Staging, pre-sale repairs, marketing — fully deductible as selling expenses.

All of these reduce your taxable capital gain on Schedule D — they aren’t "deductions" in the conventional sense, but they net against the sale price to lower the gain dollar-for-dollar. The mortgage payoff is the only major closing-table line that doesn’t reduce gain (it’s just settling debt).

Frequently Asked Questions

What is a seller net sheet?

A seller net sheet is a line-item breakdown of what you’ll actually pocket from a real-estate sale after all closing costs, mortgage payoff, and (for a complete picture) capital-gains tax. NYC-specific net sheets must handle the city + state transfer taxes, broker commissions, attorney, title closer, building fees, and — if it’s a co-op — share-transfer paperwork and any flip tax.

What are typical seller closing costs in NYC?

Total seller-side costs in NYC typically run 8–10% of the sale price — about 6% in broker commissions plus 1.4–2% in transfer taxes plus another 1% in attorney + title + building fees. Co-ops with flip taxes can push this to 10–12%.

How does the §121 capital gains exclusion work?

The §121 (Section 121) primary-residence exclusion lets you exclude up to $250,000 of gain ($500,000 if married filing jointly) from capital gains tax when you sell your primary home. To qualify, you must have owned and lived in the home as your main residence for at least 2 of the last 5 years, and you cannot have used the exclusion in the prior 2 years. Most LLC-owned and foreign-owned properties don’t qualify.

Do I have to pay capital gains tax when I sell my NYC home?

Only on the gain that exceeds your §121 exclusion (if eligible). For a married couple selling their primary residence with $400K of total gain, the entire amount is excluded — they owe $0 in federal capital gains tax. With $700K of gain, $200K would be taxable. Long-term gains (held more than 1 year) are taxed at federal rates of 0%, 15%, or 20% based on income, plus 3.8% NIIT if applicable, plus combined NY State + NYC tax (roughly 7–14% depending on income).

What is the NYC RPTT (Real Property Transfer Tax)?

NYC’s transfer tax on real-property sales, paid by the seller. For residential property: 1.0% on sales ≤$500,000, 1.425% on sales above. For commercial property and 4+ family townhouses: 1.425% on sales ≤$500K, 2.625% above. NY State adds another flat 0.4%.

What is FIRPTA withholding?

FIRPTA (Foreign Investment in Real Property Tax Act) requires the buyer to withhold a portion of the sale price when the seller is a foreign person — 15% of the gross sale price standard, 10% on $300K–$1M sales where the buyer plans to occupy, and waived if the sale is ≤$300K and buyer-occupied. The seller files Form 1040NR after the sale and recovers any difference between the withholding and actual tax owed. Form 8288-B can be filed before closing to reduce the withholding to expected actual liability.

What is a 1031 like-kind exchange?

A 1031 exchange lets you defer all federal + state capital-gains tax on an investment-property sale by reinvesting the proceeds into another like-kind real property within strict deadlines: 45 days to identify the replacement in writing, 180 days to close. Funds must flow through a Qualified Intermediary — you cannot take possession. Replacement property should be equal or greater in value, debt, and equity to defer 100% of gain. Not available for primary residences — that’s what §121 is for.

How do co-op flip taxes work?

A flip tax is a transfer fee charged by some NYC co-op buildings (and a small number of condos) on resale. Often 1–3% of the sale price, sometimes a fixed dollar amount or per-share. In NYC the seller typically pays, but some buildings put it on the buyer — check your offering plan or bylaws. The flip tax goes to the building’s reserve fund, not to NYC or NY State.

What is depreciation recapture?

If you ever rented your property and claimed (or could have claimed) depreciation on prior tax returns, the IRS recaptures that depreciation at sale at up to 25% federal, plus regular state tax. This applies even if you never actually claimed the depreciation — the rule is "depreciation allowed or allowable." Pull the cumulative figure from your CPA’s rental-property schedule.

What is step-up basis for inherited property?

When you inherit real estate, your cost basis resets to the property’s fair market value at the date of death — not what the deceased originally paid. This step-up usually eliminates tax on all the appreciation that happened during the deceased’s lifetime. Holding period for an inherited property is automatically long-term regardless of when the heir took ownership.

Why does my real cash-on-cash return look so much higher than my appreciation rate?

Real estate uses leverage. If you bought a $1.2M property with 20% down, your cash investment was $240K — but the appreciation accrues on the entire $1.2M. So a 7% nominal property gain produces a much larger return on the $240K of cash you actually invested. Add in mortgage principal paydown (forced savings) and the §121 exclusion (tax-free gain), and real estate’s true cash-on-cash return often dramatically outpaces stocks and other unleveraged assets.

About Roger Dunkelbarger

Roger Dunkelbarger is a NYC real estate broker with The Eklund Gomes Team at Douglas Elliman, representing buyers and sellers of condos, co-ops, and townhouses across Manhattan and Brooklyn. He builds calculators like this one to give clients a clearer picture of the real economics of a transaction — beyond what most listing agents discuss at the kitchen table.

Talk with Roger:917-830-4822 · [email protected] · Schedule a call

Estimates only — not legal, tax, or financial advice. Federal/state tax brackets, FIRPTA rules, and entity taxation are simplified for planning. Confirm final numbers with your CPA and real-estate attorney before signing.