What are the Tax Benefits of Buying a Home in NYC?
Becoming an NYC homeowner comes with many perks, not the least of which are tax benefits you can enjoy from certain deductions associated with property tax, mortgage interest, and many…
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New York Transfer Taxes Explained
Anyone selling property in NYC must pay state and local transfer taxes as part of their closing costs. This is the seller’s second largest expense after the real estate agent…
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How to File Taxes for First-Time Homeowners
Becoming a first-time homeowner is a significant deal for everyone. Having your own home comes with a responsibility to look after your investment. This April, you’ll need to complete taxes…
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Estate Taxes in NYC: What You Need to Know
The subject of taxes intimidates many people, but the basic concept of estate taxes for real estate is relatively straightforward. Whether buying a home from an estate or selling an…
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Property Taxes in New York City Explained
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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Negotiating Real Estate Closing Costs in NYC
If you’ve been paying attention, you’ll know that the NYC housing market is a fully-fledged buyer’s market. As a result, sellers have slowly concluded that they must reduce asking prices…
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How to Appeal Your Property Taxes in NYC
If you are a New Yorker contemplating appealing your property taxes, you should read on. New York City currently collects about $24 billion in property taxes annually. The city expects…
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FIRPTA – Foreign Investment in Real Property Tax Act
In an earlier post, we covered the intricacies of buying a property in NYC as a foreigner. As outlined, a few obstacles to foreign investment in NYC real estate exist.…
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What Is the Capital Gains Tax?
The run-up in New York City real estate valuations has many owners contemplating capital gains tax exposure over the last two decades. When you are ready to sell, you should…
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Who Pays the Co-op Flip Tax in NYC?
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 property taxes, typically paid…
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