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Transfer and Mortgage Recording Taxes in New York Title Closings
Transfer and Mortgage Recording Taxes in New York Title Closings references the statutes, regulations, decisions, and rulings associated with the taxes imposed on the transfer of real property in the state of New York. It explains how to anticipate and minimize these taxes when structuring the sale, purchase, or mortgaging of an interest in realty.
Publisher: LexisNexis
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Transfer and Mortgage Recording Taxes in New York Title Closings is a one-volume guide that describes the taxes applicable to transfers and mortgages of interest in realty in New York state. It unravels the complexity of these taxes and analyzes statutes, regulations, and decisions. Authored by an expert in New York real estate law, this convenient guide covers topics such as:
• New York State real estate transfer tax.
• Mortgage recording tax.
• New York City real property transfer tax, plus local taxes for nine additional jurisdictions.
• Work-outs.
• Penalties.
• Exemptions.
• Filing of returns and payment of taxes.
• Tax traps.
The previous edition's ISBN is 9781663397027.
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CHAPTER 1 NEW YORK CITY REAL PROPERTY TRANSFER TAX—TAXABLE TRANSACTIONS "DEED" TAX
§ 1.01 Introduction
§ 1.02 Rates and Consideration
§ 1.03 Examples of Taxable Transfers
§ 1.04 Foreclosure
§ 1.05 Cooperative Sales
§ 1.06 Condominium Units and 1-, 2- or 3-Family Houses
§ 1.06A Three-Family Houses
§ 1.07 Mere Change of Identity
§ 1.08 Voided Conveyances, Including Preferences and Fraudulent Transfers
§ 1.09 Examples of Conveyances Not Subject to Tax
§ 1.10 Controlling Interest
§ 1.11 Gifts
§ 1.12 Bankruptcy
§ 1.13 Conversion of Mitchell-Lama
CHAPTER 2 FILING OF RETURNS AND PAYMENT OF TAX § 2.01 Return § 2.02 Records to Be Kept § 2.03 Warrants
CHAPTER 3 PENALTIES AND INTEREST § 3.01 Interest § 3.02 Penalties § 3.03 Amnesty
CHAPTER 4 NEW YORK CITY REAL PROPERTY TRANSFER TAX CONTESTING CLAIMS STATUTES OF LIMITATION § 4.01 Overpayments § 4.02 Tax Refund Procedure § 4.03 Tax Contest § 4.04 Waiver by City
CHAPTER 5 REAL ESTATE TRANSFER TAX AND MANSION TAX § 5.01 Taxable Transfers and Rates § 5.02 Leases § 5.03 Rates § 5.04 Credits § 5.05 Transfers of 1-, 2- or 3-Family Houses § 5.06 Conveyances Where Consideration Is Less than $500,000 § 5.07 Individual Condominium Units § 5.08 Cooperative Apartments § 5.09 Transfer of Controlling Interests § 5.10 Exemptions § 5.11 Examples of Taxable Transfers § 5.12 Mansion Tax § 5.13 Bulk Up or Gross Up § 5.14 Penalties and Interest § 5.15 Filing § 5.16 Collection and Refund § 5.17 Amnesty
CHAPTER 6 MORTGAGE RECORDING TAX AS IT PERTAINS TO TITLE CLOSINGS § 6.01 Introduction § 6.02 Mortgages § 6.03 Tax Traps § 6.04 Tax Rates § 6.05 Recording § 6.06 Saving Mortgage Recording Taxes—Perpetuating Old Mortgages § 6.07 Supplemental Mortgages § 6.08 Executory Contracts with a Right of Possession § 6.09 Multi-County Recording § 6.10 Reducing the Mortgage Recording Tax by Limiting the Amount of the Debt Secured § 6.11 Revolving Credit Loans § 6.12 Wraparound Mortgage § 6.13 Indefinite Mortgages § 6.14 Construction Loan Mortgages § 6.15 Credit in Condominium Development § 6.16 Trust Mortgages § 6.17 Exemptions § 6.18 Collection and Refund § 6.19 Defeasance § 6.20 Overpayment § 6.21 Bail Bond Mortgage
§ 6.22 Interest Rate Swaps
CHAPTER 7 WORK-OUTS—THE DISTRESSED BORROWER § 7.01 Alternatives § 7.02 Bulk Up § 7.03 Foreclosure; Deed in Lieu of Foreclosure § 7.04 Sale to Third Party § 7.05 Consensual Bankruptcy § 7.06 Cram Down § 7.07 Personal Liability § 7.08 Chapter 11
CHAPTER 8 MT. VERNON; ERIE COUNTY; YONKERS; BROOME COUNTY; EAST HAMPTON; RIVERHEAD; SHELTER ISLAND; SOUTHAMPTON; SOUTHOLD; WARWICK; TOMPKINS; RED HOOK AND ESSEX § 8.01 City of Mount Vernon Real Estate Transfer Tax § 8.02 Erie County Transfer Tax § 8.03 Yonkers Real Property Transfer Tax § 8.04 Broome County Real Estate Transfer Tax § 8.05 East Hampton, Riverhead, Shelter Island, Southampton and Southold Real Estate Transfer Tax § 8.06 Town of Warwick Real Estate Transfer Tax § 8.07 Tompkins County Real Estate Transfer Tax § 8.08 Red Hook Real Estate Transfer Tax § 8.09 Essex County Real Estate Transfer Tax § 8.10 City of Peekskill Real Estate Transfer Tax § 8.11 Columbia County Real Estate Tax § 8.12 Principles Applicable to All Taxes
CHAPTER 9 PRESUMPTIONS AND CANONS OF CONSTRUCTION—GENERAL PRINCIPLES § 9.01 Tax Statutes to Be Construed in Favor of the Taxpayer, but Exemptions Are to Be Construed Against the Taxpayer § 9.02 Standard of Review of Agency Determinations: Unreasonableness § 9.03 Form over Substance § 9.04 Relevance of Federal Tax Law § 9.05 New York City Real Property Transfer Tax § 9.06 Real Estate Transfer Tax § 9.07 Retroactive Application of Regulations and Statutes § 9.08 Gains Tax § 9.09 Real Estate Transfer Tax; Administrative Law Judge Determinations § 9.10 Estoppel
CHAPTER 10 TAX TRAPS § 10.01 Introduction § 10.02 Gifts § 10.03 Entity Transfers § 10.04 Sales by Exempt Organizations § 10.05 Principal and Agent § 10.06 Long-Term Leases § 10.07 Mortgage Recording Tax: Executory Contracts with Right of Purchase § 10.08 Changes § 10.09 Interpretations § 10.10 Retroactive Taxes § 10.11 Contract Provisions as to Which Party Pays the Tax § 10.12 New Taxes § 10.13 Retroactive Statutes and Regulations
Appendix A: TRANSFER GAINS TAX I. Transfer Gains Tax and Consideration A1.01 Basic Terms A1.02 Consideration A1.03 Consideration for a Controlling Interest in an Entity and Apportionment Between Real and Personal Property A1.04 Consideration of One Million Dollars or More
II. Changes in Ownership A2.01 Transfers A2.02 Contracts and Options A2.03 Look Through Principle A2.04 Family Relationships
III. Responsibility for Payment of Transfer Gains Tax A3.01 Entity Transfers A3.02 Aggregation of Transfers of Entity Interests A3.03 Personal Residence Exemption A3.04 Other Exemptions A3.05 Preemption
IV. Penalties, Interest, Warrants, Deficiency Notice and Appeal Process A4.01 Abatement
V. Transfer Gains Tax Contesting Claims A5.01 Claim for Deficiency—Notice of Determination A5.02 Courses of Action A5.03 Forum to Contest Service A5.04 Petition and Procedure A5.05 Appeals A5.06 Bankruptcy
Appendix B: SOURCES OF INFORMATION
Appendix C: ADDITIONAL SOURCES FOR RESEARCH
Table of Cases
Table of Statutes
Index
CHAPTER 2 FILING OF RETURNS AND PAYMENT OF TAX § 2.01 Return § 2.02 Records to Be Kept § 2.03 Warrants
CHAPTER 3 PENALTIES AND INTEREST § 3.01 Interest § 3.02 Penalties § 3.03 Amnesty
CHAPTER 4 NEW YORK CITY REAL PROPERTY TRANSFER TAX CONTESTING CLAIMS STATUTES OF LIMITATION § 4.01 Overpayments § 4.02 Tax Refund Procedure § 4.03 Tax Contest § 4.04 Waiver by City
CHAPTER 5 REAL ESTATE TRANSFER TAX AND MANSION TAX § 5.01 Taxable Transfers and Rates § 5.02 Leases § 5.03 Rates § 5.04 Credits § 5.05 Transfers of 1-, 2- or 3-Family Houses § 5.06 Conveyances Where Consideration Is Less than $500,000 § 5.07 Individual Condominium Units § 5.08 Cooperative Apartments § 5.09 Transfer of Controlling Interests § 5.10 Exemptions § 5.11 Examples of Taxable Transfers § 5.12 Mansion Tax § 5.13 Bulk Up or Gross Up § 5.14 Penalties and Interest § 5.15 Filing § 5.16 Collection and Refund § 5.17 Amnesty
CHAPTER 6 MORTGAGE RECORDING TAX AS IT PERTAINS TO TITLE CLOSINGS § 6.01 Introduction § 6.02 Mortgages § 6.03 Tax Traps § 6.04 Tax Rates § 6.05 Recording § 6.06 Saving Mortgage Recording Taxes—Perpetuating Old Mortgages § 6.07 Supplemental Mortgages § 6.08 Executory Contracts with a Right of Possession § 6.09 Multi-County Recording § 6.10 Reducing the Mortgage Recording Tax by Limiting the Amount of the Debt Secured § 6.11 Revolving Credit Loans § 6.12 Wraparound Mortgage § 6.13 Indefinite Mortgages § 6.14 Construction Loan Mortgages § 6.15 Credit in Condominium Development § 6.16 Trust Mortgages § 6.17 Exemptions § 6.18 Collection and Refund § 6.19 Defeasance § 6.20 Overpayment § 6.21 Bail Bond Mortgage
§ 6.22 Interest Rate Swaps
CHAPTER 7 WORK-OUTS—THE DISTRESSED BORROWER § 7.01 Alternatives § 7.02 Bulk Up § 7.03 Foreclosure; Deed in Lieu of Foreclosure § 7.04 Sale to Third Party § 7.05 Consensual Bankruptcy § 7.06 Cram Down § 7.07 Personal Liability § 7.08 Chapter 11
CHAPTER 8 MT. VERNON; ERIE COUNTY; YONKERS; BROOME COUNTY; EAST HAMPTON; RIVERHEAD; SHELTER ISLAND; SOUTHAMPTON; SOUTHOLD; WARWICK; TOMPKINS; RED HOOK AND ESSEX § 8.01 City of Mount Vernon Real Estate Transfer Tax § 8.02 Erie County Transfer Tax § 8.03 Yonkers Real Property Transfer Tax § 8.04 Broome County Real Estate Transfer Tax § 8.05 East Hampton, Riverhead, Shelter Island, Southampton and Southold Real Estate Transfer Tax § 8.06 Town of Warwick Real Estate Transfer Tax § 8.07 Tompkins County Real Estate Transfer Tax § 8.08 Red Hook Real Estate Transfer Tax § 8.09 Essex County Real Estate Transfer Tax § 8.10 City of Peekskill Real Estate Transfer Tax § 8.11 Columbia County Real Estate Tax § 8.12 Principles Applicable to All Taxes
CHAPTER 9 PRESUMPTIONS AND CANONS OF CONSTRUCTION—GENERAL PRINCIPLES § 9.01 Tax Statutes to Be Construed in Favor of the Taxpayer, but Exemptions Are to Be Construed Against the Taxpayer § 9.02 Standard of Review of Agency Determinations: Unreasonableness § 9.03 Form over Substance § 9.04 Relevance of Federal Tax Law § 9.05 New York City Real Property Transfer Tax § 9.06 Real Estate Transfer Tax § 9.07 Retroactive Application of Regulations and Statutes § 9.08 Gains Tax § 9.09 Real Estate Transfer Tax; Administrative Law Judge Determinations § 9.10 Estoppel
CHAPTER 10 TAX TRAPS § 10.01 Introduction § 10.02 Gifts § 10.03 Entity Transfers § 10.04 Sales by Exempt Organizations § 10.05 Principal and Agent § 10.06 Long-Term Leases § 10.07 Mortgage Recording Tax: Executory Contracts with Right of Purchase § 10.08 Changes § 10.09 Interpretations § 10.10 Retroactive Taxes § 10.11 Contract Provisions as to Which Party Pays the Tax § 10.12 New Taxes § 10.13 Retroactive Statutes and Regulations
Appendix A: TRANSFER GAINS TAX I. Transfer Gains Tax and Consideration A1.01 Basic Terms A1.02 Consideration A1.03 Consideration for a Controlling Interest in an Entity and Apportionment Between Real and Personal Property A1.04 Consideration of One Million Dollars or More
II. Changes in Ownership A2.01 Transfers A2.02 Contracts and Options A2.03 Look Through Principle A2.04 Family Relationships
III. Responsibility for Payment of Transfer Gains Tax A3.01 Entity Transfers A3.02 Aggregation of Transfers of Entity Interests A3.03 Personal Residence Exemption A3.04 Other Exemptions A3.05 Preemption
IV. Penalties, Interest, Warrants, Deficiency Notice and Appeal Process A4.01 Abatement
V. Transfer Gains Tax Contesting Claims A5.01 Claim for Deficiency—Notice of Determination A5.02 Courses of Action A5.03 Forum to Contest Service A5.04 Petition and Procedure A5.05 Appeals A5.06 Bankruptcy
Appendix B: SOURCES OF INFORMATION
Appendix C: ADDITIONAL SOURCES FOR RESEARCH
Table of Cases
Table of Statutes
Index