Condo Buyers Can Keep Purchases Secret, N.Y. Tax Officials Say in Reversal
Under new legislation in New York, buyers through LLCs are required to list the names and addresses of individuals with ownership interests in condo deals and sales of one-to-four-family homes. The New York State Department of Taxation and Finance mentioned in a new guidance on Monday that the the new disclosure law removed any mention of condominiums. Real Estate attorneys and industry professionals were concerned that the law would negatively effect condo-development projects, since it required the disclosure of all individuals
Real Estate attorney Stuart Saft drafted a memo, outlining why the tax department’s initial interpretation was wrong and arguing that the language shouldn’t apply to condominiums. Mr. Saft had mentioned that the new law would "effectively kill real-estate finance."