New York City Apartments

Round-Table Session 2017 with Tony Jao and Steve Perrotta

February 21, 2017 | by SPIRE

SPIRE is excited to announce that we are bringing back the popular round-table sessions with even more value to better your business in 2017. Well respected industry specialists are now our eager guest speakers brought in to educate and introduce new products and even more services just for you! This weeks topics speakers and topics: Tony Jao- Regional Manager, Investors Bank Three Reasons Why Sellers Should Consider Seller-Paid Points The Gift Tax Myth: How to Navigate Around It How to Get the Primary Residence Capital Gains Tax Exclusion Steve Perrotta, CPA, Perrotta Tax & Consulting Services, LLC Working with foreigners. What your client can afford. Tax tips for real estate agents Read More

What are the transfer taxes in a New York apartment sale?

February 6, 2017 | by Virginia K. Smith

As one might expect of such a complicated financial transaction, the sale of a New York City apartment tends to come with numerous extra costs in tow, well beyond the actual price of the apartment and the broker's commission. And one major component of the so-called "closing costs" is an extra fee known as the "transfer tax," usually paid for by the seller. "The transfer tax is a tax for property sold that is made up of a state tax and a local city tax," explains TripleMint agent Gina Ko. The New York state tax is 0.4 percent of the final sales price, while the city's transfer tax depends on the cost of the apartment. For apartments $500,000 or less, the city's transfer tax is 1 percent; for apartments over that a... Read More

The Gift Tax Myth: How to Navigate Around It

September 26, 2016 | by Tonay Jao

Many people aren’t aware of the fact that, in most situations, there really is no gift tax. Here’s why… $14,000 Annual Exclusion The federal government gives each of us an allowance to gift anybody $14,000 per year without incurring any gift tax. This $14,000/year replenishes every year, and it’s $14,000 per person. So, theoretically, I could gift every person that I know $14,000 today, and then another $14,000 next year and the year after, and there would be NO gift tax. $5,490,000 Lifetime Exclusion What most people don’t realize, is that there’s a second allowance of $5.49mm! In other words, let’s say that I want to give you $114,000. That’s $100,000 more than what I can give you out of my... Read More

Everything You Need to Know About NYC's 421-a Tax Program, Poised to Expire Today

January 18, 2016 | by Evan Bindelglass

Unless an agreement is reached to extend it, the 421-a tax exemption program will expire today. Curious about what that all means? Read on. What is 421-a? Put simply, the program gives developers a 10-year tax exemption for building a multi-unit residential project on vacant land. But its potential expiration won't just hit developers—it could affect residents as well. The exemption can also be applied to developers building affordable housing units, but that's a little more complicated. When did 421-a start? The program was established in 1971 when, according to the Pratt Center for Community Development, "New York City officials were concerned that residential construction was dropping as many residents moved to the suburbs.&... Read More