April 14, 2008

condo financial statements

Hi,

I'm the treasurer of a four unit condo association. I'm looking for information/resources about tax and financial statement requirements and best practices.

Can someone share his/her knowledge or point me to a good online resource?

Thank you!

April 7, 2008

Same Market Value but huge difference in Assessed Value

My property tax situation is complicated and long so I'll just lay out the details. I just bought a 3 family property in Bushwick. My property taxes are based on an assessed value of $30,655 for a Market Value of $600,000. My neighbors have an assessed value of $7,000 (with Market Values around $545,000). However, the difference in taxes is huge. Right now the city requires I pay 4 times more than all my neighbors who have the same house and same market value. The reason this happened is that the city had the property erroneously listed as a class 2A property (6 family/rooming house) for 20 years. The previous owner flipped the house so he doesn't know the origin of the class 2A designation. It was a 3 family when he bought it. When I called the Tax and finance offices I was told I can attend a hearing and plea my case on the grounds of inequality. They weren't very reassuring. When I bought this house I wasn't aware of this problem. The taxes were listed as being $2600, not $4700. I've somewhat created this problem by appealing the buildings class from 2a to 1, thinking it would actually lower my tax bill to be in keeping with the neighboring homes. Does anyone have advice? Been in a similar situation? I'm basically looking for some hope.

March 25, 2008

Huge taxation increase - What to do?

I am writing this question on behalf of a good friend of mine who owns a small commercial property on the Clinton Hill/Bed Stuy border off of Fulton Street. Last year, taxes for his commercial property (i.e small parking garage with office) ran in the area of $12,000. This year, they are being raised to $30,000 with no explanation. He is trying to hire a lawywer, but is having difficulty finding someone with experience in this issue to handle his case. The taxation department has reviewed his case already at his request, and does not seem to be budging on the increase. My friend wonders if something fishy is going on, and I have to agree with him. Over the past few years many investors have approached him with offers to buy his property (the building is not what they are after -- obviously it's the land for building coops, or whatever). At any rate, he's never entertained selling, which is why he's wondering if someone is behind the sudden taxation increase (i.e. [getting someone from that office on their payroll) to force his hand into selling. Sounds a bit paranoid, I realize, but stranger things have been known to happen. Anyway, he wants to keep his place, but doesn't want to pay the increase in taxes. I'd appreciate any suggestions or recommendations you might have. Thanks in advance for your help.

March 24, 2008

CONGESTION TAX IN NEW YORK STATE COMMITTEE WIT NO SPONCOR

March 24, 2008
Senator Rules Introduces Congestion Pricing Bill
Mayor Bloomberg released a statement this morning praising Senate Majority Leader Joseph Bruno and his GOP majority conference for "once again demonstrating their commitment to the people of this city and state" by introducing Gov. David Paterson's congestion pricing program bill.

Bloomberg noted that an "overwhelming majority of New Yorkers" support the pay-to-drive plan when told the cash it will generate will be invested in mass transit improvements.

(He did not address the issue raised in this morning's Q poll that about half of New Yorkers don't buy elected officials' pledges that the money will indeed be used for that purpose).

"Together with the Governor, we will continue to work to address the concerns of our partners in the State Legislature and the City Council – including concerns about the impact on lower income drivers and making sure we receive revenue from commuters who use Port Authority crossings," Bloomberg added.

The timely passage of this bill will result in New York getting $354 million in federal funds, which will be used for immediate transit improvements. This is another step in the right direction."

The mayor's statement came out before the Senate even had a chance to annouce that it had introduced the bill, which Paterson said late last week he would be sending to the respective legislative houses.

The bill is being sponsored by the illustrious and mysterious Senator Rules - in other words, it's in the Senate Rules Committee, which is controlled by Bruno, but has no formal sponsor.

This is a handy way of dealing with potentially controversial legislation as it wends its way through the legislative process.

http://www.nydailynews.com/blogs/dailypolitics/2008/03/senator-rules-introduces-conge.html

February 19, 2008

Sales Tax on Contractor Work

This is probably a "duh" question, but is it customary for a general contractor to charge sales tax on labor and materials?

February 4, 2008

calculating property tax

does anyone know how to calculate property tax on a condo unit? i am looking at a listing and want to verify the monthly amount that the broker put up. thanks!

January 31, 2008

Property Tax Assessment

We received our NYC Dep of Finance assessment which shows the wrong square footage and an extremely high increase in value when compared to my neighbor's. How do you contest this? Has anyone done this and been successful? Attorney recommendations?

January 24, 2008

Jan '08 Tentative Assment

does anyone understand the assessed value that DOF uses to calculate property tax? There is a line item that reads "6-20% Limitation", and the amount in the row under the header "Land" doubled from last year, and my assessed value went up $2000.

Jan '08 Tentative Assment

does anyone understand the assessed value that DOF uses to calculate property tax? There is a line item that reads "6-20% Limitation", and the amount in the row under the header "Land" doubled from last year, and my assessed value went up $2000.

January 4, 2008

Question on inheriting cash assets from an IRA

A parent recently passed away. I have no other living parent.

The estate is less than the unified credit so we are in good shape.

There is no real property. Only property (stocks, funds) are in a trust and they have recently been liquidated to cash. All accounts except 1 are Brokerage accounts and the beneficiary is the trust.

The only issue I have is that there is an IRA and I am the beneficiary-not the trust. The assets (stocks, funds) in the IRA have also been sold and are in cash in the IRA.

I am a non spouse inheritor. The parent did begin taking the minimum required distributions from this IRA years ago.

We have an Estate lawyer and we have a CPA who will take care of things. However I would like a 2nd opinion on something.

Person passed away at end of 2007 and did take all required distributions from the IRA for the year.

The IRA and other accounts will be taxed as part of the 1040 for 2007 and 1041 for 2008...(for the decedents estate).

Question: Is there a way for me to avoid any further taxes (as a beneficiary) on the IRA?

**I have read about setting up an inherited IRA, also read that that perhaps I can take a lump sum distribution and have it all taxed as ordinary income, or take an annual MRD distribution over MY life expectancy or take a distribution of all money within 5 years...

GOAL:

My goal is to somehow avoid the double taxation on this IRA since taxes will be paid once by my parents estate. (The parent who died was the last surviving parent).

----Or are my only options as indicated above (see *)?

Thank you very much

Peter

Forum: Taxes