Publication 577:(2/10):FAQs Regarding the Additional Tax ...

Publication 577. faqs Regarding the Additional Tax on Transfers of Residential Real property for $1 Million or More Pub 577 (2/10). Publication 577 (2/10). Table of contents 5. 5. frequently asked 7. NOTE: A Publication is an informational document that addresses a particular topic of interest to taxpayers. Subsequent changes in the law or regulations, judicial decisions, Tax Appeals Tribunal decisions, or changes in Department policies could affect the validity of the information contained in a Publication . Publications are updated regularly and are accurate on the date issued. This page intentionally left blank Publication 577 (2/10). Introduction Tax Law Article 31 imposes a real estate transfer tax on each conveyance of real property , or interest in real property , when the consideration exceeds $500.

Publication 577 (2/10) 7 Frequently asked questions 1) Q: What is the additional tax? A: In addition to the real estate transfer tax imposed by section 1402 of the Tax Law on the conveyance of real property or interest in real property, Tax Law section 1402-a imposes an

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