Maria is purchasing a $1,750,000 penthouse. The contract states the seller will pay $25,000 toward the buyer's closing costs. For mansion tax purposes, what is the taxable consideration?
Correct Answer
C) $1,750,000
For mansion tax purposes, the taxable consideration is the full purchase price stated in the contract ($1,750,000). Seller concessions for closing costs do not reduce the consideration for tax calculation purposes. Mansion tax: $1,750,000 × 1% = $17,500.
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