QUESTION
Evading sales tax when transferring properties
Asked on Jun 22nd, 2016 on Real Estate - New York
More details to this question:
Mr Jacob a NY resident buys a property ( 2 bed room Apartment ) in Boca Raton Florida for $35,000 on 05/19/2011 and then turn around and after 10 month sale it for $1,000 on a quit claim deed on 03/13/2012 Is there is any problem with such transaction ? With regards to paying sales tax or transfer tax ?
1 ANSWER
1 Award
There is no sales tax on realty. Transfer and sales taxes on an FL sale are FL issues. There could be income tax consequences in NY, but if there is a loss, then there is no income to tax.
Answered on Jun 25th, 2016 at 3:38 PM