All of the following transactions would be subject to New York State transfer tax at $0.40 per $100 of consideration EXCEPT:
Correct Answer
C) A deed transferring property from a corporation to its wholly-owned subsidiary
New York Tax Law provides exemptions from transfer tax for certain transactions, including transfers between a corporation and its wholly-owned subsidiary, as this is considered a reorganization rather than a true sale.
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More Ny Tax Law Questions
All of the following property transactions in New York would be subject to the mansion tax EXCEPT:
A complex transaction involves the sale of a property for $435,000 with the buyer assuming a $180,000 existing mortgage, paying $55,000 cash, and giving the seller a purchase money mortgage for $200,000. What is the New York State transfer tax?
During a real estate closing in New York, the closing agent must ensure proper collection and remittance of transfer taxes. What happens to the New York State transfer tax after it is collected at closing?
Attorney Johnson is handling a complex real estate transaction in New York involving multiple transfer tax jurisdictions. The property is located in a municipality that imposes its own local transfer tax in addition to the state requirement. How do these transfer taxes interact?
Under New York Tax Law, what is the basis for calculating the state transfer tax on real estate transactions?
- → 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?
- → Michael is purchasing a residential property in Buffalo for $950,000. His real estate agent explains the various taxes due at closing. Regarding the New York State mansion tax, which statement is correct?
- → Jennifer is purchasing a $2.8 million penthouse in Manhattan. Her attorney mentions that in addition to the New York State mansion tax, there may be additional NYC transfer taxes. Which statement correctly describes the tax obligations for this transaction?
- → An individual residential Brooklyn property is considered at $500,000 and then at $500,001. How much does the NYC RPTT amount due increase when consideration rises by that $1?
- → Who is responsible for paying NYC transfer tax in a typical real estate transaction?
- → A buyer is purchasing a $750,000 condominium in Manhattan, New York City. In addition to the New York State transfer tax, what additional NYC transfer tax will be imposed on this transaction?
- → A real estate broker is preparing a net sheet for a seller of a $450,000 condominium in Queens, NYC. The broker needs to calculate the total transfer taxes that will be deducted from the seller's proceeds. What is the combined New York State and NYC transfer tax amount?
- → A seller transfers a Manhattan condominium for $850,000. Under NYC's Real Property Transfer Tax (RPTT), what is the total NYC RPTT owed at closing (statutorily imposed on the grantor)?
- → Under New York Tax Law, the state transfer tax of $0.40 per $100 applies to all of the following transactions EXCEPT:
- → A co-op apartment in Staten Island sells for $275,000. Calculate the NYC Real Property Transfer Tax (RPTT) owed on this transaction (statutorily paid by the seller).
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Previous Question
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?
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A real estate agent in Syracuse is preparing a closing statement for a property sale. The property is located in Onondaga County (outside New York City) and is selling for $425,000. Which statement about the transfer tax obligations is correct?