For recent years my income has been about $20k. I'm hopeful that this year I can sell vacant that I bought in 2001. I paid $600k and hope to sell it for about $3,000,000. I live outside the US but the property is located in Suffolk County New York.
How much Federal Capital Gains, NYS Income tax and local tax should I expect to pay?
Does it make sense to investigate the tax benefits of financing the sale for the buyer?