Under the current rules, even though X still owns the land indirectly through the LLC, the contribution of the land to ABC, generates a real property transfer tax
liability of 1.
to becoming a charter city and adoption of a real property transfer tax
B must pay the city a real property transfer tax
equal to 2.
s free web-based solution, ACRIS ASAP, is becoming an indispensable tool for real estate professionals who are required to electronically prepare New York City and State real property transfer tax
information forms, according to a user survey.
The tax forms to be completed online include the New York City's Real Property Transfer Tax
Return, the New York State Real Estate Transfer Tax Return (TP584), the New York City Real Property Transfer Report for New York City--Equalization Form (RP-5217NYC), the Affidavit of Compliance with Smoke Detector Requirement, the Customer Registration Form for Water and Sewer Billing and the Property Owner's Registration Form.
Schachat, tax partner at Wien, Malkin & Bettex, says the provision exempts certain transfers of real estate from New York City's real property transfer tax
New York State and City impose three separate taxes on transfers of real estate: the State real estate transfer tax, the City real property transfer tax
and the State real property transfer gains tax.
This article discusses the New York State Real Property Gains Tax (the "Gains Tax"), the New York State Real Estate Transfer Tax (the "New York State Transfer Tax"), and the New York City Real Property Transfer Tax
(the "New York City Transfer Tax") consequences of surrendering property in settlement of a mortgage liability.