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Cash Back / Credit at Closing

Started by NYCRealEstate1
over 11 years ago
Posts: 1
Member since: Jan 2013
Discussion about
Anyone have any insight they can share....why would a buyer want to structure a deal at say 1.5m with a 30K credit at closing ? As the seller, I am netting 1.47, but the deal is written at 1.5m. I then have to pay gains as though it was at 1.5m, paying taxes on an extra 30K. I was told by realtor that I can deduct the mansion tax, as that is what part of credit is being issued for? This make any sense? Any insight board?
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