N.Y. real property transfer gains tax. The CPA Journal Online Search Software Personal Help Dec 1991 N.Y. real property transfer gains tax. The gains tax is payable upon transfer, but there is a statute of limitations of three years from the date of transfer for tax filings. Consideration is the price paid or required to be paid for the real property less customary brokerage fees paid by the seller or transferor.
Consideration includes the cancellation or discharge of the transferor's debt or obligation.
In addition, consideration could include any payment for an option or a contract to purchase real property. In addition, indirect transfers, such as the acquisition of a controlling interest in an entity that owns real property or an interest in real property, are subject to tax. Indirect transfers include transfers of corporate and partnership interests. Certain transactions are exempt from the tax, because they are excluded from the statutory definition of a taxable transfer of real property. These exemptions include transfers pursuant to bequest or inheritance and most mortgage transactions, except for mortgage foreclosures.