Capital Gains Tax
Tax and finance · Reinvent NY glossary
Capital gains tax is imposed on profit from selling assets including real estate, stocks, and business interests. Long-term capital gains (assets held over 1 year) are taxed at preferential rates: 0% (income under $47,025), 15% (income $47,025-$518,900), or 20% (income over $518,900). Short-term gains (assets held 1 year or less) are taxed as ordinary income (up to 37%). For real estate, the Net Investment Income Tax (NIIT) adds 3.8% for high earners. Foreign sellers are also subject to FIRPTA withholding (15% of gross sale price).
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