WebJan 30, 2005 · My co-op board is implementing a flip tax of 1 percent of an apartment's sale price. The board says it can do this without shareholder approval because a flip tax already exists and it is... WebBad info #5. In NYC the seller pays the flip tax 95% of the time (there are exceptions). It is a transfer fee which goes into the co-op operating fund (if it goes into the reserve fund it may have an adverse affect on the 80/20 rule aka IRS sec 216, negating the deductibility of mortgage interest and RE taxes for the co-op).
Q&A: Imposing a Flip Tax or Transfer Fee - CooperatorNews
WebJul 30, 2024 · A flip tax is a transfer fee charged by a co-op (or condo) on the sale or transfer of an apartment. The amount of the flip tax varies by building in NYC, and the flip tax is usually paid by the seller. The flip tax charged by a building is typically … NYC Transfer Tax Calculator - What Is the Average Flip Tax in NYC and Who Pays It? The Mortgage Recording Tax Rates in NYC are technically 2.05% for loan sizes … ARTICLE I – MEETINGS OF STOCKHOLDERS SECTION 1. Annual … The Mansion Tax in NYC is a progressive buyer closing cost which ranges from … For example, a building that relies heavily on flip tax income and has on average … (a) a fee and service charge for recording the mortgage at the same rates given … The New York State Transfer Tax is 0.4% for sales below $3 million and 0.65% for … Co-ops also often charge sellers a flip tax at closing, which is an additional seller … Co-op Tax Deduction Calculator - What Is the Average Flip Tax in NYC and Who … Co-op Flip Tax Calculator - What Is the Average Flip Tax in NYC and Who Pays It? WebOur Premium Calculator Includes: - Compare Cities cost of living across 9 different … can coffee go out of date
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WebOct 5, 2003 · It is usually the seller, he said. Mr. Siegler said that other formulations for the flip tax include a flat fee per apartment, a percentage of the seller's profit, or a straight per-share assessment. WebMar 28, 2012 · However, it’s not always the sellers who have to pay the tax?lately it’s … WebThe average co-op apartment flip tax in NYC is 1% to 3% of the sale price, and it’s customarily paid by the seller. Exact flip tax amounts vary by building. A flip tax can be structured as a percentage of the sale price, a percentage of profits, a flat-fee or a per-share amount. A co-op’s flip tax is typically outlined in the proprietary ... can coffee grinds hurt dogs