Can I Avoid Paying Transfer Taxes By Stating a Nominal Sum on A Deed in New York?
Full Question:
Answer:
The answer will depend on all the facts involved, such as whether the property is part of a business entity or possibly exempt from taxation. Generally, even when no money changes hands, the consideration for a transfer of real estate is the fair market value of the interest transferred, such as 50% of the appraised value in property owned by two joint tenants. While it is possible to state a nominal sum, there are risks to doing so (see articles below ). We are prohibited from giving legal advice, as this service provides information of a general legal nature. You may wish to consult a local attorney who can review all the facts and documents involved.
Please see the following article for further information
http://www.firstamny.com/detail.aspx?id=194&mid=14204
http://www.horizonlandservices.com/articles/xfer_tax_exemptions.pdf