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So I own shares in a co op for a studio that I bought in Dec of 2007. I am considering selling the apartment in the next year, (less than two years since I bought it). Let’s say hypothetically I bought it for 250,000 and sold it for 300,000. I am wondering how much the NY State capital gains tax rate is and how much I would save if I waited two years. I have tried googling this topic and reading previous posts and I’m seriously confused. Any help would be greatly appreciated…Also, could I avoid the capital gains tax if I bought a new property within 12 months after making a profit? Thanks and Mr B, feel better soon!