Question : 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?
- asked by Lanes
All Answers:
Answer #1
The only way to minimize your taxes is to move toNew Jersey.
- answered by old lady
Answer #2
line by line and truthfully. Minimizing yourtaxes now could cost you much more later on whenyou sell it for 600 thousand and your basis isonly 200 thousand because you fudge how thepartners 1/2 was actually acquired.See a taxprofessional who can assist you to come up withthe proper entries on the form.
- answered by leslie
Answer #3
Check with your real estate attorney and/or a CPAthat handles real estate investment. Myunderstanding from "experts" is that there is notransfer tax due if you file a Quit Claim Deed inNY. P.S. - Don't tell them any amounts when yougo to file the Deed at the County courthouse inMineola. Just say, "I was told to bring this hereand you would know what to do." Point out to themit's a QC Deed, so you were told there are nofees.
- answered by Hopeful Home Solutions
| 
measure and fulfill your financial needs
