Category: Finance

Finance
1998 Dec/Jan A Windfall for Sellers

As the year draws to a close, many Americans are still trying to grasp all the revisions in the tax law that went into effect last summer as part of the Taxpayer Relief Act of 1997. One of the changes that has the most impact on homeowner…

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Finance
1997 Nov Real Estate Tax Abatement Update

In June 1996 the New York State legislature addressed the long-acknowledged inequity in real estate taxation between co-ops and condos and single-family homes when it passed a bill authorizing tax abatements for eligible New York City own…

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Finance
1997 Oct Buyers Checklist

For most people, buying a home is the biggest investment they will ever make. But in order to make sure it doesn't become the biggest mistake they ever make, home buyers should do their homework before making a purchase. Following is an e…

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Finance
1997 Sep Investing the Reserve Fund

If you were walking down the street and spotted a $100 bill on the ground, would you stop and pick it up? Of course you would, and in the literal sense you could consider this $100 found money. Surprisingly, every day, many members of co-…

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Finance
1997 Jul/Aug Back From the Brink of Disaster:

Co-op and condo boards, together with their professional managers, are responsible for their properties' financial well-being. Every financially-challenged property faces the same perils: an inability to meet ongoing expenses, the consequen…

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Finance
1997 Mar Relocation & the Board

Even at the most stately Park Avenue address, relocation is a frequent activity as apartments are bought and sold and sublet tenants or roommates move in and out. More than 100,000 people hire movers every year in New York City. But while…

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Finance
1997 Feb New Ruling on IRS 277

Cooperative housing corporations are not exempt from income taxation. Like any other taxpayer, a housing cooperative must pay tax on its taxable income, i.e., its gross income less allowable deductions. Not all amounts that would seem to …

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Finance
1997 Feb Tax Abatements Are Good News,

The City of New York, in its infinite wisdom, has classified properties into various categories. Class one properties consist of one-, two- and three-family homes and class two properties are multi-family residential properties including …

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Finance
1997 Dec/Jan Amending Your By-laws

The certificate of incorporation, the proprietary lease (in some cases called occupancy agreements) and the by-laws are the three underlying documents that form the engine running your cooperative. The by-laws are considered by the courts…

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Finance
1997 Dec/Jan Capital Improvements

If you've ever served on the board of a co-op or condo, the phrases capital improvements, emergency repair, asbestos remov- al and (these days, especially) lead paint abatement probably elicit particularly unpleasant associations. With ex…

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