New York and Identifying LLC’s Members on Transfer Tax Returns; Not for Condo Purchases

New York and Identifying LLC’s Members on Transfer Tax Returns; Not for Condo Purchases

     Legislation passed in 2019 in New York requires the listing of the members in the real property transfer tax return filed in connection with the purchase or sale of residential real estate of up to four units. See A.7190/S.1730; see also John Whitaker, LLCs Purchasing Real Estate Will Now Share More Information, The Post-Journal  (August 9, 2019); HERE IS A LINK to that story.

            In a story published in the Wall Street Journal on November 7, Condo Buyers Can Keep Purchases Secret, N.Y. Tax Officials Say in Reversal it was stated that in response to objections to needing to report the beneficial ownership of LLCs purchasing condominiums in New York, the law will be applied only to “buildings,” which will exclude condo units. 

            HERE IS A LINK to that story from the Wall Street Journal, and HERE IS A LINK to the equivalent article from the Gothamist.