Understanding Estate Taxes
The subject of taxes intimidates many people, but the basic concept of estate taxes when it comes to real estate is relatively straightforward. Whether you are buying a home from…
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Transfer Tax Law Changes in New York City
Buying or selling real estate in New York City is different from other cities in the US. When purchasing a property in New York City and State, the buyer or…
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NYC Real Estate Taxes: Everything You Need to Know
New York City’s real estate taxes are some of the highest in the country. NYC also makes it complicated to understand. We discuss real estate taxes in-depth to help you…
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How Rental Property Depreciation Works
Unlike various investment options such as stocks and bonds, rental property is a depreciable asset. According to the IRS, real estate depreciation is an “annual allowance for the wear and…
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Closing Costs are Negotiable in a Buyer’s Market
If you’ve been paying attention, then you’ll know that the NYC housing market is in a fully-fledged buyer’s market. Sellers have slowly come around to the conclusion that they have…
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1031 Tax Exchanges Like-Kind in New York City
Buying a home today is about more than just finding an excellent location and a beautiful house. Buyers must think about future value and its importance. Personal benefit relates to…
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The Real Property Tax Appeal Process
If you are a New Yorker that is contemplating appealing your property taxes, then you should read on. New York City currently collects about $24 billion in property taxes annually.…
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FIRPTA Withholding Rules for Foreigners
In an earlier post, we covered the intricacies of buying a property in NYC as a foreigner. As outlined, there are few obstacles to foreign investment in NYC real estate.…
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What is the Capital Gains Tax in New York?
The run-up in New York City real estate valuations over the last two decades has many owners contemplating capital gains tax exposure. When you are ready to sell, you should…
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Co-op Flip Taxes in New York City Explained
You’ve probably heard the term “flip tax” mentioned in conversations that involve buying and selling New York City real estate. Flip taxes cannot be deducted as a property tax, typically…
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