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Transfer and Mortgage Recording Taxes in New York Title Closings

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2018 Edition
ISBN: 9781522140184
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2018 Edition
ISBN: 9781522140191
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2018 Edition
ISBN: 9781522140191
In Stock
Price
$370.00
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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.

Authors / Contributors

Table of Contents

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
§ 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

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