What impact Gains Tax reform?
As anticipated, changes in how the New York State Gains Tax is administered has not brought a flood of building sales, but, industry executives say, some stalled transfers, especially in the area of troubled properties where a lender is involved. Last month, much to the credit of the google_ad_client = ‘pub-2905054723170537’; // substitute your client_id (pub-number) google_ad_channel = ‘6331884817’; google_ad_output = ‘js’; google_max_num_ads = ‘3’; google_ad_type = ‘text’; google_feedback = ‘on’; Real Estate Board of New York, Governor Cuomo signed reforms that enable the 10 percent gains tax to be applied more closely to actual profits. In many sales, particularly in workout situations, there is no economic gain and there may even be a loss. was a much fairer way to initiate the tax,” said Warren Wechsler, vice president, Real Estate Board of New York, which waged a three-year campaign for the revisions. Under the new rules of the New York State Gains Tax: * The original purchase pr
