To manage permanent residency (PR) when selling a home in New York City, prioritize maintaining eligibility for tax exclusions and compliance with immigration requirements. Ensure the property was your primary residence for at least two of the five years preceding the sale to qualify for the IRS Section 121 exclusion, which excludes up to $250,000 (or $500,000 for joint filers) of capital gains. Report the sale on IRS Form 8949 and Schedule D, and retain documentation such as purchase agreements, tax records, and proof of residency. If the exclusion does not apply, consult a tax professional to minimize liabilities. For non-primary residences, pay capital gains tax at rates up to 20% federally and 8.82% in New York State. Additionally, consider immigration implications; selling a home does not affect PR status, but failure to meet tax obligations could raise scrutiny.

The IRS Section 121 exclusion is critical for avoiding unnecessary taxes when selling a primary residence. In 2022, 72% of New York City homeowners who sold properties claimed this exclusion, saving an average of $432,000 in federal taxes, according to the National Association of Realtors. However, 28% did not meet the two-year primary residence requirement, leading to higher tax burdens. New York City’s property transfer tax, which ranges from 1% to 2.625% of the sale price, further impacts sellers. For example, a $2 million sale incurs a $52,500 transfer tax, while federal capital gains taxes on non-excluded gains could reach $400,000 (20% of $2 million). Data from the New York State Taxation and Finance Department shows that 35% of NYC home sales in 2023 involved properties not meeting the Section 121 criteria, highlighting the need for proper planning.移民身份不受房产出售影响，但税务合规性直接影响税务成本，因此专业咨询不可或缺。