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A flip tax is a fee paid by a seller or buyer on a housing co-op transaction, typically in New York City.It is not a tax and is not deductible as a property tax.It is a transfer fee, payable upon the sale of an apartment to the co-op.
Cooperative corporations are formed to provide some mutual benefit for their members, and because of this, the Congress of the United States beginning in 1951 has allowed them a deduction from their income for "patronage dividends."
Moore, 178 U.S. 41 (1900), confirmed that the estate tax was a tax on the transfer of property as a result of a death and not a tax on the property itself. The taxpayer argued that the estate tax was a direct tax and that, since it had not been apportioned among the states according to population, it was unconstitutional.
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The tax department was formally created on January 1, 1927, but the first signs of the department date to 1859. The original intent was to find a way (a mathematical formula) to distribute tax revenue to individual counties in New York State.
Apartment buildings and multiple-family housing make up a more significant share of the housing stock in the New York City area than in most other U.S. cities as over 75% of apartment buildings in NYC are co-ops. Reasons suggested to explain why cooperatives are relatively more common than condominiums in the New York City area are: [38]
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Real estate transfer taxes have become controversial in some U.S. jurisdictions seeking to increase transfer taxes on higher end property sales to help combat issues like homelessness. 2022's Chicago's Bring Chicago Home initiative, seeks to increase transfer taxes on $1 million transactions by 253% or t o 2.65% or $26,500 per million dollar of ...