Radon | US EPA

Radon is a naturally occurring radioactive gas that can cause lung cancer. You can’t see or smell radon. Testing is the only way to know your level of exposure. Radon can have a big impact on indoor air quality.

Read more here: Radon | US EPA website

Cleaning and Repairs a Landlord Can Deduct From a Security Deposit

Typically, landlords may charge tenants for any cleaning or repairs necessary to restore the rental unit to its condition at the beginning of the tenancy. Landlords may not, however, use the tenant’s security deposit to cover the costs of ordinary wear and tear. Here are examples of wear and tear versus damage or excessive filth:

Read more here: Cleaning and Repairs a Landlord Can Deduct From a Security Deposit | Nolo.com

TRANSFER TAX CONVEYANCES PURSUANT TO DIVORCE DECREE OR SEPARATION

Conveyances for no consideration made between spouses are a common occurrence. Such conveyances may be made for a host of purposes, such as the making of a gift, estate planning, and loan eligibility.

In all of these instances, no money is being exchanged. The transfer is without consideration and is not in connection with a sale. As a consequence, gift transfers or transfers made without consideration are not subject to transfer tax. Both the NYS real estate transfer tax return (TP-584) and the NYC RPT real property tax return (NYC-RPT) list no consideration transfers among the types of conveyances that are exempt from transfer tax.

But what of conveyances made pursuant to divorce decree or separation agreement? In such instances, no money is being exchanged. Is the transfer without consideration and not in connection with a sale?

At first glance, one might assume that because no money is actually being paid, the conveyance is without consideration and not in connection with a sale. Schedule I of the NYC-RPT addresses this issue. It asks for four pieces of information: the fair market value, the existence of any unpaid mortgages, the percentage of ownership interest being transferred to the other spouse, and any alternate value assigned to the transferred interest that is recited in the settlement agreement, separation agreement or divorce decree. The basis for taxation is found in Section 23-03(d)(3) of Title 19 of the Rules of the City of New York (“RCNY”). This section states that “a conveyance of realty from one spouse to the other pursuant to the terms of a separation agreement” is subject to tax.

Read entire article here: TRANSFER TAX CONVEYANCES PURSUANT TO DIVORCE DECREE OR SEPARATION

Co-op Vs Condo | Co-op Apartments NYC

In 1882, the developers of the Rembrandt declared they were seeking “people of means and good social standing,” as owners. The building, at 152 West 57th Street, was New York City’s first co-op, a form of vertical living that quickly became ubiquitous in the city and still makes up a good chunk of its housing stock. But the age of the co-op is well and truly over: Since 2000, developers have moved to create a mere 75 new co-op projects, and no more than seven total in any given year, according to a new analysis by The Real Deal.

Read the entire article here: Co-op Vs Condo | Co-op Apartments NYC

Stock meltdown doesn’t scare your financial adviser: YOU do

What keeps financial advisers, tax experts, credit counselors and wealth managers up at night? Not a stock market crash, but investors’ irrational behavior.

Click here to read full article: Stock meltdown doesn’t scare your financial adviser: YOU do

Forget that Prince had no Will, What About the Estate Tax Problems? | Partridge Snow & Hahn LLP – JDSupra

However, whether Prince had a Will, or other testamentary instruments, is not the biggest problem his Estate is going to face, not by a long shot. Instead, his Estate is going to face a problem caused by his sheer success, one that would have been much more complex and harder to plan around than executing a Will.

Source: Forget that Prince had no Will, What About the Estate Tax Problems? | Partridge Snow & Hahn LLP – JDSupra

Read this before you take Social Security benefits

Many retirees rely on Social Security for most or all of their income in retirement. Before you make a decision that will have major financial implications for the rest of your life, it’s important to know everything at stake in the timing of when you take your benefits. Here are a few things to consider.

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What is Non-Prime Lending?

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Non-Prime is a term for loan types that do not fit into the restraints of government lending standards known as Prime, Agency, or A-Paper Lending and defined as Qualified Mortgages.

Non-Prime loans also known as temporary or fixer loans, for borrowers who are on their way to Prime but need a little help before they qualify. Non-Prime loans characteristically are made to borrowers who have had a past credit event or events in the form of Foreclosure(s), Bankruptcy(ies), Short Sale(s), late payment(s), collection(s), charge-off(s), etcetera. Additionally a borrower seeking a Non-Prime loan can use alternative documentation to qualify in form of Bank Statements, Liquid assets, and other forms of income not typically accepted by government lending criteria. Non-Prime loans usually have increased rates of interest and costs for providing access to capital while providing the ability to participate in the economy and housing market. Non-Prime loans should only be looked at as a temporary solution to an immediate need.

Source (read more): What is Non-Prime Lending?

How to Get a Mortgage on a Co-op or Condo in New York – WSJ

In New York City, key decisions often come in pairs: Yankees or Mets? LaGuardia or JFK? MoMA or the Met? In real estate, it comes down to this: condo or co-op?

Cooperative buildings, better known as co-ops, are abundant in New York’s five boroughs but are far less common in other cities. In a co-op building, buyers purchase a share of the entire property and co-own it with fellow residents. With a condo, the buyer purchases the real property.

Read more: How to Get a Mortgage on a Co-op or Condo in New York – WSJ

Release of Estate Tax lien in New York

When a person dies, the Tax Law places a lien on the decedent’s real property to secure the payment of any estate tax due. This estate tax lien is effective as of the decedent’s date of death. To transfer real property from a decedent’s estate, you must request and then receive a release of lien from the New York State Tax Department. The release of lien is an authorization to transfer the real property, located in New York State, free and clear of the estate tax lien. The lien applies only to real property

Source: Release of Estate Tax lien