Jackson Walker partner Nate Smithson has prepared an updated guide to tax reform which reflects the senate’s newly-proposed tax bill. The guide covers tax brackets, deductions, capital gains, and other relevant topics in tax law.
WHAT IS AN HDFC CO-OP? There are plenty of Housing Development Fund Corporation (hence the shorthand, HDFCs) buildings across the city—including rentals—but co-ops are usually what garner interest. The original, best-known types were created several decades ago when the city allowed tenants in buildings with derelict landlords to form co-operatives, take over their buildings, and buy their apartments for $250 apiece, as the New York Times reported last summer (yes, that’s the correct number of zeroes.)
Buying your first house can be intimidating, but there is a lot of information to help you sort out the process and make good decisions. On that note, here are 10 secrets first-time home buyers should know that you may not have heard of yet.
Signing a new lease is always exciting—and a little nerve-wracking. On the one hand, a new space means new possibilities. On the other, a lease is a legal document, and who knows what might be lurking there? If you’re about to sign a lease, don’t let the legalese trip you up. Whether it’s a residential lease for your home or apartment, or a commercial lease for your business, these 10 common lease terms explain your responsibilities and tell you what your lease will cost. Read them carefully, and you’ll kn
One of the most important issues in deciding if a cooperative or condominium apartment is a wise investment is the financial status of the building itself. The key document that potential buyers should review is the annual financial statement. This review, commonly known as due diligence, should b…
Read entire article here: A Buyer’s Guide to Reading Financial Statements – Consider a Building’s Fiscal Health
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
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:
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
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
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.