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Nov 17, 2020 · Whether you are selling or buying, residential or commercial, New York real estate transactions require an experienced and dependable real estate attorney. Piccinnini Law offers experience, full accountability, and the ideal legal representation for any New York real estate transaction. For more information contact Piccinnini Law at (516) 500-2110.
Nov 12, 2021 · Real estate agents and attorneys should assist the parties in making sure any issues are addressed in advance so that the parties are not placed in position where they could be held in default. One important goal is to manage the expectations of the parties especially in New York transactions, where the time to close is usually 60 days-90 days.
Feb 12, 2024 · A big change is on the horizon for New York City’s real estate! Starting March 20, 2024, a pivotal amendment to the Property Condition Disclosure Act will change how residential properties are bought and sold in the Empire State. Gone are the days of the $500 credit workaround – it’s time for full transparency with mandatory detailed ...
- General Overview of New York Tax Issues
- No Tax Deferral in PA
- The California Clawback
- New York 1031 State Tax Issues
- New York State & City Transfer Taxes For Reverse Exchanges
- Call Us For Assistance!
The simplest way to introduce the many state tax issuespertaining to Section 1031 is to state the following: whatever issues you encounter will depend on the facts of your individual transaction. As mentioned, you may end up conducting your exchange in a state with zero state income tax or a state with a relatively straightforward exemption procedu...
Again, each state handles things a bit differently, and so it’s imperative that you check the specific requirements for the state (or states) in which you plan to conduct your 1031 exchange. The Commonwealth of Pennsylvania, for instance, doesn’t recognize the tax deferral benefits provided at the federal level for 1031 exchanges; so if a resident ...
California, on the other hand, provides a perfect example of a state which uses a so-called “clawback” provision to aggressively attempt to recapture lost state taxes. If a person, resident or nonresident, decides to sell their California property and then acquire a non-California property as replacement property, then the California Franchise Tax ...
If a New York nonresidentconducts a New York 1031 exchange using a relinquished property within New York, this person faces a state income tax rate of 7.7%. This would apply to the gain realized from the sale. Fortunately, however, New York nonresidents selling property as part of an exchange can file for an exemption from this withholding. When a ...
Importantly, both the New York State and NYC Departments of Taxation and Finance conclude that “reverse exchanges” don’t trigger the Real Estate Transfer Tax(RETT). That’s normally triggered by the receipt of New York real estate. Both departments base this on the fact that, in reverse exchanges, replacement property is acquired by an EAT. That is,...
Clearly, there’s enough complexity to these tax issues to warrant consultation with an experienced New York tax attorney. Ideally, that happens prior to conducting your New York 1031 like kind exchange. It’s always a good idea to speak with a qualified tax professional. They provide experienced guidance and can assist in your particular transaction...
In general, the seller pays for both the buyer’s agent and the seller’s agent. The real estate agents are paid at the closing from the proceeds of the sale. Real estate agents will request that selling owners execute a listing agreement which will include the home’s offering price and the amount of the agent’s commission, usually ...
Jul 6, 2023 · Discover the importance of closing dates in New York residential real estate transactions. Learn about the challenges posed by "on or about" closing dates and the significance of "time of the essence" provisions. Explore the implications, remedies, and recommendations for a smoother closing process.
Watson v. Muirhead (57 Pa. 161) Real Estate Transactions: “Conveyancing”. Due diligence is not a guarantee of clean title. Risk remaining after due diligence is “casualty” risk. “Upstate” and “Downstate” practice in their approach these risks.
