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339EE Exemption - Avoid Mansion, Mortgage taxes in NYC??

Started by bimmer
about 17 years ago
Posts: 24
Member since: Jan 2008
Discussion about
Does anyone know how the 339EE exemption works when purchasing a new condo? Friend of a friend was saying he purchased a new condo ($1 mm+ mortgage) and used the 339EE exemption to avoid paying the mansion tax, the mortgage recording tax. All he paid was the city and state tax and sponsor transfer tax. Is this even possible? How do you go about doing this? Any idea from people who have actually used this exemption and how it works? Thanks much.
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