February 6th 2023
Brick Underground
As with any big financial transaction, when you sell an apartment in New York City you need to pay taxes. If it’s an investment property, rather than your primary residence, you can be taxed on your capital gains, that’s the profit you make on the sale of the apartment or building. That’s why many New Yorkers turn to a popular tax deferral program called the 1031 exchange, which allows you to put off paying tax on the sale of these kinds of properties if you reinvest the proceeds in a similar property within a tight timeframe.