Sarah is selling her home in Albany, New York for $350,000. What is the New York State transfer tax that will be due at closing?
Correct Answer
B) $1,400
New York State imposes a transfer tax of $0.40 per $100 of consideration. For a $350,000 sale: $350,000 ÷ $100 = 3,500 units × $0.40 = $1,400.
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Under New York Tax Law, what is the basis for calculating the state transfer tax on real estate transactions?
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A property in Rochester, NY is being sold for $275,000. The buyer is also purchasing personal property (furniture and appliances) for an additional $5,000 as part of the same transaction. What is the New York State transfer tax due?