: Question about large capital gain For recent years my income has been about k. I'm hopeful that this year I can sell vacant that I bought in 2001. I paid 0k and hope to sell it for about ,000,000. I live outside the

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How much Federal Capital Gains, NYS Income tax and local tax should I expect to pay?

You're going to net about 2.4 millions of dollars. Federal long term capital gains tax is 20% (plus 3.8% medicare), NYS is 8.82%.

Does it make sense to investigate the tax benefits of financing the sale for the buyer?

Yes. Have your tax adviser check the options for you (financing, instalment, etc), especially if you have no other US-sourced income.

Tax treaties are also something your tax adviser should be looking at.

Be sure your tax adviser is properly licensed in New York as either EA, CPA or Attorney.

Don't do anything without a proper tax advice.