A recent federal appeals court decision on the subject of income tax law stands to be of great benefit to cooperative corporations around the city, particularly in light of damage suffered in many buildings from Hurricane Sandy. Alphon…
After receiving over 4,200 comments on a proposal that would have eliminated flip taxes and transfer fees in co-ops, condos and HOA communities, the Federal Housing Finance Authority (FHFA) has reconsidered its position and will allow …
Q I am an owner in a building that went condo 10 years ago. In 2008, our taxes were reduced by a firm that does this procedure for the building. However, my individual real estate taxes are way out of line compared to other apartmen…
Tax time is coming soon, and a time no one really enjoys will likely be even less fun thanks to the current recession. In the case of condo and co-op buildings however, accountants and attorneys may be able to help the communities they…
Q I’d like to ask about the transfer tax in co-ops. I have been living in a co-op unit with my brother for 11 years. It is currently under both of our names, but now I want to change it to my name only. How does the transfer tax figure…
Perhaps Benjamin Franklin said it best: “In this world, nothing can be said to be certain except death and taxes.” And taxes aren’t just a certainty for co-op and condo buildings—they’re a complicated part of keeping a building co…
Q If a building decides to adopt a transfer tax, can they impose a tax when an apartment is sold to an outsider but exempt from the tax when selling to an insider? The apartments that have been combined with other apartments, (three …
All of the city services that co-op and condo owners enjoy come with a price and the agency that is generally the keeper of those very large purse strings is the New York City Department of Finance. Finance is empowered to collec…
It may sound like an oxymoron, but in the world of co-ops there is such a thing as “bad income.” The federal tax code requires that cooperative buildings receive at least 80 percent of their income from their shareholders—usually in th…