who pays the transfer taxes on a copp in nyc?

Asked by Sylviapatterson, New York, NY Fri Jul 6, 2012

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Gabriel Rojas’ answer
Gabriel Rojas, Agent, San Francisco, CA
Fri Jul 6, 2012
Hello Sylvia,

The best way to answer this question is to say...it all depends. First, an agent/Realtor cannot legally give financial advice. I am a former coop owner in Manhattan and did pay a transfer tax when I sold it 3 years ago. I would recommend calling a local agent or tax professional there in New York. If you need a referral for either, I would be happy to help.

Here is some info I hope you find helpful:

New York State imposes a real estate transfer tax on conveyances of real property or interests therein when the consideration exceeds $500.

Tax rate:

Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration.

An additional real estate transfer tax (sometimes referred to as the "mansion tax") of 1% of the sale price applies to residences where consideration is $1 million or more.

Who pays the tax?

The tax is paid by the grantor (seller). However, if the grantor doesn't pay the tax, or is exempt from the tax, the grantee (buyer) must pay the tax.

The additional 1% real estate transfer tax is paid by the grantee. If the grantee is exempt, the grantor must pay the tax.

File and pay tax

File Form TP-584, Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax, with the county clerk where the real property being transferred is located. The form is due no later than the 15th day after the delivery of the deed or similar legal document.
If the deed or document isn't being recorded, file Form TP-584 and pay any tax due directly to the Tax Department no later than the 15th day after the delivery of documents.

Best of luck to you!

Gabriel Rojas
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