Sarah is selling her home in Rochester, New York for $180,000. At closing, she notices the New York State transfer tax on her settlement statement. Who is responsible for paying this transfer tax?
Correct Answer
D) The seller is solely responsible for the transfer tax
Under New York Tax Law, the transfer tax liability can be allocated between buyer and seller as they agree in their contract. There is no statutory requirement that either party must pay the entire tax.
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More Ny Tax Law Questions
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