What are the Exemptions From Transfer Tax in New York?
Full Question:
Answer:
For both New York City and State purposes, transfers that involve mere changes in
identity or form of ownership or organization, to the extent that there is no change in the
beneficial interest or economic interest in the subject property, is exempt from the
transfer tax. This includes transfers from a corporation where the owners of the property
after the transfer are the shareholders.
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 links for further information:
http://www.firstamny.com/detail.aspx?id=194&mid=14204
http://www.horizonlandservices.com/articles/xfer_tax_exemptions.pdf
http://www.nyc.gov/html/dof/html/business/business_rec_rptt.shtml#exempt