Transfer and Mortgage Recording Taxes in New York Title Closings
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Transfer and Mortgage Recording Taxes in New York Title Closings is a one-volume practice guide that describes these taxes in detail and gives attorneys both theory and practical guidance on how to minimize them. This book helps unravel the complexity of these taxes and examines the scope of their effect by summarizing the law and analyzing (including inconsistencies) 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.
• Filing of returns and payment of taxes.
• Tax traps.
As noted by the author, the transfer of real property is the focus of the revenue raising needs of government. A real estate sale in New York will involve the New York State real estate transfer tax. If a mortgage is involved, there may be the mortgage recording tax. In addition, local real property transfer taxes apply to property in New York City, East Hampton, Riverhead, Shelter Island, Southhampton, Southold, Yonkers, Mt. Vernon, Erie County, and Broome County. This book provides guidance in dealing with these taxes.
This eBook features links to Lexis Advance for further legal research options.
Table of Contents
CHAPTER 1 — NEW YORK CITY REAL PROPERTY TRANSFER TAX— TAXABLE TRANSACTIONS “DEED” TAX
CHAPTER 2 — FILING OF RETURNS AND PAYMENT OF TAX
CHAPTER 3 — PENALTIES AND INTEREST
CHAPTER 4 — NEW YORK CITY REAL PROPERTY TRANSFER TAX CONTESTING CLAIMS STATUTES OF LIMITATION
CHAPTER 5 — REAL ESTATE TRANSFER TAX AND MANSION TAX
CHAPTER 6 — MORTGAGE RECORDING TAX AS IT PERTAINS TO TITLE CLOSINGS
CHAPTER 7 — WORK-OUTS— THE DISTRESSED BORROWER
CHAPTER 8 — MT. VERNON; ERIE COUNTY; YONKERS; BROOME COUNTY; EAST HAMPTON; RIVERHEAD; SHELTER ISLAND; SOUTHAMPTON; SOUTHOLD; WARWICK; TOMPKINS; RED HOOK AND ESSEX
CHAPTER 9 — PRESUMPTIONS AND CANONS OF CONSTRUCTION —GENERAL PRINCIPLES
CHAPTER 10 — TAX TRAPS
APPENDIX A — TRANSFER GAINS TAX (Repealed effective June 15, 1996)
APPENDIX B — SOURCES OF INFORMATION
TABLE OF CASES
TABLE OF STATUTES