2023 New York Laws › TAX - Tax › Article 22 - Personal Income Tax › Part 4 - Returns and Payment of Tax › 663 - Estimated Tax on Sale or Transfer of Real Property by Nonresident.

§  663.  Estimated  tax  on  sale  or  transfer  of  real  property by
nonresident.  (a) Upon the sale of real property within the state  by  a
nonresident taxpayer, the nonresident shall estimate the personal income
tax  liability  on  the  gain,  if  any,  from such sale or transfer. In
addition, upon the sale, conveyance or other disposition  of  shares  of
stock  in  a  cooperative  housing  corporation  in  connection with the
transfer of a proprietary leasehold by the owner thereof and subject  to
the  provisions  of  article thirty-one of this chapter, the nonresident
shall estimate the personal income tax liability on the  gain,  if  any,
from such sale, conveyance or other disposition.
(b)  Such  estimation  shall  be  done  upon  a form prescribed by the
commissioner, utilizing an estimated tax rate equal to the highest  rate
of tax for the taxable year set forth in section six hundred one of this
article.
(c) This section shall not apply where:
(1)  The  real  property  being  sold  or  transferred  is a principal
residence of the seller or transferor within the meaning of section  121
of the Internal Revenue Code;
(2)  The  seller  or transferor is a mortgagor conveying the mortgaged
property to a mortgagee in foreclosure or  in  a  transfer  in  lieu  of
foreclosure with no additional consideration; or
(3)  The  transferor  or  transferee  is an agency or authority of the
United States of America, an agency or authority of  the  state  of  New
York,  the  Federal National Mortgage Association, the Federal Home Loan
Mortgage Corporation, or the Government National  Mortgage  Association,
or a private mortgage insurance company; or
(4) The proprietary leasehold being transferred in connection with the
sale,  conveyance  or  other  disposition  of  the  shares of stock in a
cooperative housing corporation is a principal residence of  the  seller
or  transferor within the meaning of section 121 of the Internal Revenue
Code;
(d) A recording officer shall not record or accept for  recording  any
deed unless one of the following conditions is satisfied:
(1)  it  is  accompanied  by  a  receipt  issued  by  the commissioner
indicating that the estimated tax required by this section has been paid
to the commissioner either electronically or as otherwise prescribed  by
him or her;
(2)  it  is  accompanied  by  a  form  prescribed  by the commissioner
pursuant to subsection (b) of  this  section  and  the  payment  of  any
estimated tax shown as payable on such form; or
(3)  such  receipt  or form includes a certification by the transferor
that this section is inapplicable to the sale or transfer.
(e) Every recording officer shall act as an agent of the  commissioner
for  purposes  of  collecting the estimated personal income tax, if any,
shown to be payable upon the form prescribed pursuant to subsection  (b)
of this section. The commissioner, by regulation, shall prescribe one or
more  methods  for  the recording officer's collection of such estimated
tax. Every recording officer shall remit to the commissioner  any  funds
collected  and  any returns filed with such recording officer under this
section on such  days  as  the  commissioner  shall  set  by  regulation
consistent  with  the provisions of section fourteen hundred ten of this
chapter for the remission of the tax imposed under article thirty-one of
this chapter. Every recording officer also shall follow such  procedures
and  keep  such records in respect to the implementation of this section
as the commissioner may prescribe.
(f) A recording officer shall not be liable under this section for any
inaccuracy  in  any  statement  on  the  form  prescribed  pursuant   to
subsection  (b)  of  this section or in the amount of estimated personal

income tax he or she shall collect under this section so long as  he  or
she  shall collect the estimated personal income tax shown as payable on
such form.
(g) If a deed is recorded notwithstanding an omission or inaccuracy in
the form prescribed pursuant to subsection (b) of this section or in any
certification  by  the  transferor  on  such form or a deficiency in the
payment of estimated personal income tax required by this  section,  the
record of such deed shall not be invalidated by reason of such omission,
inaccuracy,  erroneous  certification  or deficiency nor shall the title
founded on such deed be impaired thereby.
(h)  The  commissioner  shall   promulgate   rules   and   regulations
implementing this section.
(i)  The  estimated personal income tax liability on the gain, if any,
from the sale, conveyance or other disposition of shares of stock  in  a
cooperative  housing  corporation  shall  be paid to the commissioner no
later than the fifteenth  day  after  the  delivery  of  the  instrument
affecting  such  sale,  conveyance or other disposition. For purposes of
this section, the date of the instrument affecting such sale, conveyance
or other disposition shall be presumed to be the  date  of  delivery  of
such instrument.