Under NYC RPTT rules, which statement correctly describes timing and normal liability for a taxable transfer?
Correct Answer
A) The grantor normally pays the tax within 30 days after delivery of the deed and before recording.
The grantor is normally liable for RPTT. Payment is due within 30 days after delivery of the deed and before the deed is recorded.
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More Ny Tax Law Questions
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- → All of the following transactions would be subject to New York State transfer tax at $0.40 per $100 of consideration EXCEPT:
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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?
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An individual residential property in Queens is considered at $495,000 and then at $505,000. How much does the NYC RPTT amount due increase when the price rises to $505,000?