How can I minimize real estate property taxes in New York?
I own a house in Nassau County, New York jointly with a partner. The house is valued at about $400,000. He will quitclaim his share to me (as a gift). I want to minimize real estate transfer taxes. How should form TP-584 be filled out?
Public Comments
- The only way to minimize your taxes is to move to New Jersey.
- line by line and truthfully. Minimizing your taxes now could cost you much more later on when you sell it for 600 thousand and your basis is only 200 thousand because you fudge how the partners 1/2 was actually acquired. See a tax professional who can assist you to come up with the proper entries on the form.
- Check with your real estate attorney and/or a CPA that handles real estate investment. My understanding from "experts" is that there is no transfer tax due if you file a Quit Claim Deed in NY. P.S. - Don't tell them any amounts when you go to file the Deed at the County courthouse in Mineola. Just say, "I was told to bring this here and you would know what to do." Point out to them it's a QC Deed, so you were told there are no fees.
