Tuesday, May 7, 2013

REAL ESTATE CLOSING - NEW TAX FORM

The NYS Department of Taxation and Finance put a revised TP-584 into effect on April 15, 2013 and I am advised that the old form will be good in most New York counties until various dates in June  2013.

The changes from the current form to the revised TP-584 are as follows:

1. DTF has added new check boxes on Page 1, Schedule A for grantors or grantees, which are single member LLCs. If the grantor or the grantee is a single member LLC, then the member's name and Tax Identification or Social Security Number must be entered on the form.

2. DTF now requires the entry of the six digit Statewide Information System Code number (SWIS Code) on the property description. The SWIS Code number should appear on the property's tax bill. If not, your examiner or searcher can obtain it from the County Assessor's Office.

3. A conveyance pursuant to a divorce or separation must be indicated on the new form be checking box "r" under "Condition of Conveyance".

4. In all counties where documents are recorded in the County Clerk's Office, including Richmond County, checks in payment of the transfer tax must be made payable to the County Clerk. In the counties OF NYC, checks must be made payable to the NYC Department of Finance.

A copy of the new form is at this link:

http://www.tax.ny.gov/pdf/current_forms/property/tp584_fill_in.pdf

The instructions are at this link:

http://www.tax.ny.gov/pdf/current_forms/property/tp584i.pdf.

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