Question: I have never sold a property here (USA). I own a condo in Queens NY, but I am renting it for the last 6 years. I want to sell it. Cost $425k. I will make about $150k I think on the sale (difference between buy and sell price). Will I have to pay capital gains? How can I avoid it? Should I buy another property? I am the sole owner.

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Go live in it again for 2 years and you can avoid the cap gains tax or, yes, you can do a 1031 exchange

you need to look up your state laws on capital gains but federally you’ll want to look into a 1031 exchange to defer federal capital gains taxes

Is this under your personal name? (This is the first important question) . Gather all of your costs from beginning to end. If you don’t know what all goes into costs, that is your first issue. Include improvements and recalculate your gain. Also you have to take into account how much has been depreciated. You are missing a lot in your calculation. How long have you had the property? There is a lot to consider here for someone to really advice you. Your answers above are dependent on the calculation and treatment of the gain/loss.

Do some search on bonus depreciation to get most tax benefit out of this property.

In addition I would consider 1031 exchange and buy property in high return low cost state

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