On September 20, 2019 we sent a newsletter regarding the new Tax Law in NYC, effective immediately, regarding LLC’s involved in residential real estate transactions. To view the newsletter, click here.
THE LAW HAS NOT CHANGED. There still is no official form. However, you really NEED this Update.
The State Department of Taxation and Finance posted information on its website. In addition to the information required by the statute, they indicate that the documentation which accompanies the TP-584 should also include taxpayer ID numbers and percentage interest for the members of the LLC and its business entity members. “Should” means “absolutely must” as applied by the various County Clerks and NY City Register who have rejected deeds by reason that this information is not being shown on the attachments.
Remember to include percentage interest and Taxpayer ID numbers in any document attached to the TP-584 and NYC RPT. In the continued absence of any official form, we have revised the suggested forms to include the newly required, extra information. Please see the RPT LLC attachment and the TP-584 LLC attachment.
As always, if you have any questions about Title Insurance or if there is anything else we can do to assist you, please contact us at (212) 239-8789.