The 2020 New York State Budget Bill, effective July 1, 2019, which will affect all conveyances occurring on or after July 1, 2019, increases both the New York State Transfer Tax and the Mansion tax for all real property located in New York City, as well as other cities in New York State with a population of 1 Million of more (of which there are none). Prior to this new law, the tax rate was $2.00 per $500.00 of consideration, on all real property. Now, there will be three tra

A 1031 exchange is a complicated transaction that has significant legal and tax issues. What it does is allow you to sell your investment or business property and to purchase or reinvest in a new investment or business property, and defer the payment of income taxes on your taxable gains. Essentially, it allows you to keep all your gains invested in your replacement property without incurring tax liability on your gains. In the past, one could exchange real property or perso