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How Long Do You Have to Hold a 1031 Exchange Property Before Selling?

A 1031 exchange refers to Section 1031 of the U.S. Internal Revenue Code allowing an owner of an investment property the ability to reinvest in a different property of “like-kind” without triggering capital gains until the final exchange of a piece of property is sold. This deferment can be used for multiple investment properties, one...

How Do I Avoid Mortgage Recording Tax in NY?

If you are purchasing property in New York City, you are probably already aware of what a costly venture it is. Not only are you looking at the cost of the property itself, but you are also responsible for closing costs, especially if you will be financing the property. Closing costs will involve everything from...

What Is the Mansion Tax in New York City?

Today, if you are purchasing a home, condo, or co-op in New York City, the mansion tax may be one of the most significant closing costs you will pay. While the mansion tax may seem like a misnomer in a city where a $1 million dwelling doesn’t always feel like a “mansion,” it was when...

Secure Your Passive Income With an Investment Property

While interest rates are still comparatively low, you may want to take advantage and purchase a second home. A second home can be a great investment for your future. It can generate passive income and provide a great retreat for you from the routine of everyday life. Imagine for a second being the owner of...

What is a Flip Tax?

In New York City, there has been a considerable shift from rental units to co-ops over the past 80 years. Today, approximately 75 percent of housing in NYC is co-op housing. Cooperative housing, or co-ops, are corporations that own a building where the residents are shareholders of that corporation. Sales of units are not real...

What Questions are Asked in Co-Op Board Interviews?

Unlike purchasing other types of property in New York City, a co-op is not the purchase of a piece of real property but buying a share of a corporation that owns and manages the building. In exchange, you get the use of an apartment as part of that transaction. Consequently, the board that governs the...