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April 1, 2007
MANSION TAX CONFUSION
The condo we are considering purchasing in Brooklyn has a price of $999,000. It is a sponsor sale and we will be paying the transfer taxes. Will we need to pay the mansion tax too? ( Someone mentioned that the transfer taxes would be added to the price and thus bring it over the million mark.) Thanks.Comments
I believe that taxes are not counted toward the purchase price for the mansion tax, but do check with a RE lawyer.
Posted by: anon at April 1, 2007 9:18 AM
i am pretty sure they are counted toward the mansion tax and when you sell you can add the cost into the original purchase price. Definitely check with an RE attorney.
Posted by: Anonymous at April 1, 2007 2:46 PM
The language of the law specifies that the mansion tax applies to the PRICE of the house. The price of the house is $999-- period. I agree that you should get a lawyer, but I'm almost certain that even this crooked-ass state is not going to charge you a tax upon your taxes.
Posted by: Bob999 at April 1, 2007 9:46 PM
i believe the "price" of the house under the mansion tax provisions is defined to include the price of the home as well as anything that the buyer pays which normally would be the obligation of the seller (e.g., broker's commission). i don't know if the transfer tax falls into that category, but if it's something that the seller ordinarily would pay, then you do need to check with an RE attorney.
Posted by: anon at April 2, 2007 3:11 PM
it applies to the actual purchase price only.
Posted by: Anonymous at April 2, 2007 6:34 PM
Don't you already have a RE attorney to ask these questions to?
Posted by: Archie at April 2, 2007 10:27 PM
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