The New York State Department of Taxation and Finance has made several important revisions to Form TP-584. Form TP-584 is filed with each conveyance of real property and is used to comply with the filing requirements of the real estate transfer tax, the tax on mortgages, and any applicable exemption from estimated personal income tax where it applies to the sale or transfer of cooperative units or real property.
As of April 15, 2013, there will be several important revisions made to the form. These changes include, but are not limited to:
- A checkbox for “Single Member LLC” has now been added for both Grantor/Transferor and Grantee/Transferee. If either is selected, the single-member LLC must then complete the fields pertaining to “Name” and “Identification Number”; and
- The Grantor shall now list under the location and description of the property the Statewide Information System Code (“SWIS”). The following are the relevant codes for New York City: Bronx (600100), Brooklyn (610100), Manhattan (620100), Queens (630100), and Staten Island (640100).
The old Form TP-584 will be accepted by the Department of Taxation and Finance until June 15, 2013, at which time it will be mandatory to file only the new form. The new form, which will be denoted with (4/13) in the upper left-hand corner, can be found at:
http://www.tax.ny.gov/pdf/current_forms/property/tp584_fill_in.pdf
Should you require any instructions on how to properly fill out the new Form TP-584, please feel free to contact our attorneys at Weidenbaum & Harari, LLP, or check out the link below, which provides instructions for the new form.