Sale at 2000 Broadway #3D

Started by Bill7284

almost 15 years ago

Posts: 631

Member since: Feb 2009

Discussion about 2000 Broadway #3D

Buyer pays 5% commision? Really? I want to give this the benefit of the doubt and say that maybe I need to read it again? While they're at it, why don't they just raise the price to 1.5M? It would get the same response.

Response by monkeymonkey

almost 15 years ago

Posts: 1

Member since: Jan 2007

mansion tax?

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Response by Snuffles

almost 15 years ago

Posts: 173

Member since: Apr 2010

guessing thats to try to make it so that it tax 'efficient' for the buyer?

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Response by NWT

almost 15 years ago

Posts: 6643

Member since: Sep 2008

If the nominal closing price is $953,000 or more, and the buyer pays the commission, then NYC/NYS consider that 5% to be consideration paid to the seller, and the buyer has to pay the mansion tax.

Same with taxes paid by the buyer that're usually paid by the seller. They're consideration and get added on to the nominal price.

To avoid that you'd have to pay the 5% under the table. If the lawyers know about it they'll include it in their filing with the city.

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