Out of State Sellers
Many property owners in Ellicottville and the surrounding communities come from other states and Canada. It is important for them to know that when they go to sell their home in New York State, they will face a near 9% tax on their capital gain. The cost of home improvements and fees for real estate commissions are subtracted from the difference in the purchase price and sale price.
Refer to these links to the New York State Department of Taxation and Finance for more information, and contact an accountant for more details.